LONDON—UK LCC easyJet has raised £608 million ($796 million) from the sale and leaseback of 23 Airbus A320 family aircraft, increasing its fundraising total to over £2.4 billion since the COVID-19 crisis took hold.
In a stock market disclosure, easyJet said the £608 million was “at the upper end” of its £500-650 million guidance given in a May 2020 trading update.
One of the transactions included a sale and leaseback with a subsidiary of BOCOMM Leasing, covering five young A321neos for a lease period of nearly 10 years.
The proceeds will be used to improve easyJet’s liquidity, strengthening the LCC’s financial position.
Breaking down the £2.4 billion raised since the outbreak of the coronavirus, easyJet said the total included “£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 program and £419 million of equity issuance.”
In response to the COVID-19 crisis, easyJet has already deferred 32 Airbus A320-family aircraft that were originally scheduled for delivery between June 2020 and December 2021. The LCC will now not take delivery of any aircraft in its fiscal 2021.
EasyJet said it will continue to assess further funding opportunities, based on regular liquidity reviews.
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