EasyJet has reached completion of its plan to raise cash from leasing companies after raising a further £203 million from the sale and leaseback of five aircraft; the sale and leaseback of five A321neo aircraft, bring the total proceeds from leaseback deals to £608 million. The sale will be used to maximise liquidity and further strengthen easyJet’s financial position.
The aircraft will be leased back until each of the aircraft reach 10 years of age. The lease obligations generated amount to a total of approximately £122.3 million.
Following the successful conclusion of this sale and leaseback programme, easyJet has now raised over £2.4 billion since the beginning of the Covid-19 pandemic. Comprising £400 million from drawing down its Revolving Credit Facility, £600 million from the UK government’s Covid Corporate Financing Facility, £400 million from two term loans, the £608 million in proceeds from the sale and leaseback programme and £419 million of equity issuance.
