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Debt | 9 Months Ended
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Sep. 30, 2024
Debt |
Debt | Note 6 – Debt In January 2023, the Company entered into a loan agreement (the “BNDES Loan Agreement”) with Banco Nacional de Desenvolvimento Economico e Social (“BNDES”), pursuant to which BNDES extended two loans with an aggregate borrowing availability of R$490 million (approximately $94.9 million), to support the first phase of the development of the Company’s eVTOL project. The first loan (“Sub-credit A”), in the amount of R$80 million (approximately $14.7 million using the exchange rate as of September 30, 2024), was denominated in Brazilian reais by Fundo Nacional Sobre Mudança Climática (“FNMC”), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions. Sub-credit A has maturity dates on a monthly basis from March 2026 through February 2035. The second loan (“Sub-credit B”), in the amount of R$410 million (approximately $80.2 million), was denominated in US Dollars when the agreement was executed by the US Dollar sale rate published by the Central Bank of Brazil as the “PTAX” rate. Sub-credit B has maturity dates on a quarterly basis from May 2027 through February 2035. In September 2023, BNDES withheld a one-time fee of approximately $0.4 million from the initial draw. The Company’s long-term debt outstanding included:
|  |  |  |  |  |  | September 30, |  |  |  | December 31, |
Title |  | Type |  | Interest Rate |  |  | 2024 |  |  |  | 2023 |
Sub-credit A |  | Term Loan |  | 4.55% |  | $ | 14,684 |  |  | $ | 13,132 |
Sub-credit B |  | Term Loan |  | (a) |  |  | 54,885 |  |  |  | 12,937 |
Long-term debt principal |  |  |  |  |  | $ | 69,569 |  |  | $ | 26,069 |
Unamortized debt issuance costs (b) |  |  |  |  |  |  | (1,259 | ) |  |  | (305 | )
Long-term debt |  |  |  |  |  | $ | 68,309 |  |  | $ | 25,764 |
(a) | A fixed rate is determined for each draw on the loan, calculated as 1.10% per year plus a fixed rate to be published by BNDES every 15 days in accordance with the BNDES Loan Agreement.
(b) | Excludes $131 thousand and $348 thousand in deferred charges as of September 30, 2024 and December 31, 2023, respectively, related to debt issuance costs that will be recognized pro-ratably when the remaining funds are drawn.
The long-term debt principal as of September 30, 2024 matures as follows:
|  |  | Total |
2024 |  | $ | - |
2025 |  |  | - |
2026 |  |  | 1,360 |
2027 |  |  | 6,777 |
2028 |  |  | 8,492 |
Thereafter |  |  | 52,940 |
Total |  | $ | 69,569 |
As of September 30, 2024, Sub-credit A was fully drawn and approximately $25.3 million was available to be drawn on Sub-credit B. The BNDES loans shall be drawn by the Company by January 23, 2026. Otherwise, BNDES may terminate the BNDES Loan Agreement and any loans shall be paid no later than February 15, 2035. The BNDES Loan Agreement provides that the availability of such loans are subject to BNDES rules and regulations and, in the case of Sub-credit A, FNMC’s budget. In the case of Sub-credit B, the loan is subject to rules and regulations of BNDES’ financing program, which is subject to funding by the Conselho Monetário Nacional, Brazil’s National Monetary Council. Additionally, the BNDES Loan Agreement provides that the borrowing of any amount under these loans are subject to certain conditions, including, among others, the promulgation of a new law (which condition only applies to Sub-credit A), the receipt by BNDES of a guarantee from an acceptable financial institution, absence of any facts that would have a material adverse effect on the economic or financial condition of the Company, and approval of the project by the applicable environmental entities.

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