Oct. 27, 2020, 3:19 a.m. EDT

EasyJet boosts liquidity with sale, leasebacks

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By Adria Calatayud

U.K. budget carrier easyJet PLC said Tuesday that it has sold and leased back nine aircraft, raising $398.6 million in further liquidity to strengthen its financial position amid the coronavirus pandemic.

The FTSE 250 company said it executed two transactions--one with Wilmington Trust SP Services (Dublin) Ltd. for the sale and leaseback of five Airbus 320 family aircraft for $191.1 million and a second with Sky High 112 Leasing Company Ltd. for four Airbus 320 family aircraft for $207.5 million.

The company said it will deliver average incremental net annual headline costs of 15 million pounds ($19.5 million) over the terms of the nine leases.

Following these transactions, easyJet will retain 152 fully owned and unencumbered aircraft, or 44% of the fleet.

The company said it will continue to review its liquidity position on a regular basis and will continue to assess further funding options.

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