EasyJet Strengthen Its Finances Through $255mln Sale And Leaseback Of 6 Planes

British low-cost airline easyJet said it strengthened its finances by $255 million through the sale and leaseback of six A320neo aircraft with leasing firm SMBC Aviation Capital.

EasyJet on Thursday raised 419 million pounds through an equity raise to help boost its liquidity to 3 billion pounds as part of its efforts to try to survive the travel slump caused by the coronavirus pandemic.

The funds raised through the sale and leaseback announced on Friday make up part of the anticipated 500 million to 650 million pounds that easyJet said in May it could raise from aircraft sales.

SMBC Aviation will be easyJet’s preferred partner if it decides to sell other aircraft in the next 18 months. The aircraft involved in Friday’s deal have been leased back for terms of between 110 and 122 months.

source: reuters.com

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