easyJet PLC Aircraft Sale and Leaseback (2595D)
27 Ottobre 2020 - 8:00AM
UK Regulatory
TIDMEZJ
RNS Number : 2595D
easyJet PLC
27 October 2020
27 October 2020
easyJet plc
('easyJet')
This announcement contains inside information
easyJet Statement - Aircraft Sale and Leaseback
Following high levels of demand from the operating lease
marketplace, easyJet is pleased to confirm that it has engaged with
a number of operating lessors to raise further liquidity, which
will be used to further strengthen easyJet's financial position.
easyJet confirms the sale and leaseback of nine aircraft with two
counterparties. The transactions generate total cash proceeds of
$398.6 million (GBP305.7m).
The first transaction was executed with Wilmington Trust SP
Services (Dublin) Limited for the sale and leaseback of five Airbus
320 family aircraft. The aircraft will generate cash sales proceeds
of $191.1m (approximately GBP146.5m), and are leased for an average
term of 117 months, creating lease obligations of GBP123.7m. The
assets had a net book value at the time of transaction of
approximately GBP116.2m.
The second transaction was executed with Sky High 112 Leasing
Company Limited for the sale and leaseback of four Airbus 320
family aircraft. The aircraft will generate cash sales proceeds of
$207.5m (approximately GBP159.1m), and are leased back for an
average of 116 months, creating lease obligations of GBP108.0m. The
assets had a net book value at the time of transaction of
approximately GBP140.2m.
Over the terms of the nine leases the average incremental net
annual headline cost reflected in easyJet's income statement will
be c. GBP15 million, which is driven by increases in interest
charges and depreciation.
Once these two transactions are completed, easyJet will retain
152 fully owned and unencumbered aircraft, representing
approximately 44% of the fleet.
easyJet will continue to review its liquidity position on a
regular basis and will continue to assess further funding options,
including those that exist in the robust sale and leaseback
market.
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:
Anna Knowles Corporate Communications +44 (0)7985 873 313
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
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END
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