PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

easyJet PLC (EZJ)

easyJet PLC

Aircraft Sale and Leaseback
RNS Number : 1122W
easyJet PLC
14 August 2020
 

14 August 2020

 

easyJet plc

('easyJet')

 

 

easyJet Statement - Aircraft Sale and Leaseback

 

easyJet is pleased to announce the successful conclusion of its previously announced sale and leaseback programme for a total of 23 aircraft, generating total proceeds of $771 million (£608m), at the upper end of the £500-650 million anticipated proceeds first highlighted in our trading update of 28 May 2020.  

 

The final transaction was executed with Jin Shan 37 Ireland Company Limited (a wholly owned subsidiary of BOCOMM Leasing) for the sale and leaseback of five A321neo aircraft for aggregate cash sales proceeds of $266 million (approximately £203m). The proceeds of the sale will be used to maximise liquidity and further strengthen easyJet's financial position.

 

The net book value of the aircraft, which vary in age from five to nine months of age, was approximately £167 million as at 31 March 2020.  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.  Over the terms of the leases the average incremental net annual headline cost reflected in easyJet's income statement will be in the mid-single digit millions of pounds.  Following the conclusion of the sale and leaseback programme around 50% of the fleet remains unencumbered. 

 

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.  This comprises £400 million from drawing down our 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.  easyJet will continue to review its liquidity position on a regular basis and will continue to assess any further funding opportunities. 

 

 

For further details please contact easyJet plc:

Institutional investors and analysts:

Michael Barker Investor Relations  +44 (0)7985 890 939

Holly Grainger  Investor Relations  +44 (0)7583 101 913

Media:

Edward Simpkins       Finsbury  +44 (0)7947 740 551 / (0)207 251 3801

Dorothy Burwell   Finsbury  +44 (0)7733 294 930

 

 

A copy of this statement is available at http://corporate.easyjet.com/investors  


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DISGPURCRUPUGMW
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close