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EasyJet raises $399m from sale, leaseback deals
27th Oct 2020 07:29
(Sharecast News) - UK budget carrier easyJet said it had raised $398.6m (£305.7m) from the sale and leaseback of nine aircraft to bolster finances hammered by the coronavirus pandemic.
The airline on Tuesday said it would continue to review its liquidity position and could look for more options in the "robust" leaseback market. EasyJet has already raised £608m from aircraft sales during the pandemic.
The latest deal was signed with Wilmington Trust SP Services for five Airbus 320 aircraft and one with Sky High 112 Leasing company for four A320s, it added.
"Over the terms of the nine leases the average incremental net annual headline cost reflected in easyJet's income statement will be £15m, which is driven by increases in interest charges and depreciation," easyJet said.
"Once these two transactions are completed, easyJet will retain 152 fully owned and unencumbered aircraft, representing approximately 44% of the fleet."
The airline on Tuesday said it would continue to review its liquidity position and could look for more options in the "robust" leaseback market. EasyJet has already raised £608m from aircraft sales during the pandemic.
The latest deal was signed with Wilmington Trust SP Services for five Airbus 320 aircraft and one with Sky High 112 Leasing company for four A320s, it added.
"Over the terms of the nine leases the average incremental net annual headline cost reflected in easyJet's income statement will be £15m, which is driven by increases in interest charges and depreciation," easyJet said.
"Once these two transactions are completed, easyJet will retain 152 fully owned and unencumbered aircraft, representing approximately 44% of the fleet."