11th Jan 2021 09:50
(Alliance News) - easyJet PLC on Monday said it has signed a new loan facility of USD1.87 billion, underwritten by a syndicate of banks.
The FTSE 250-listed low cost airline stated the five-year facility will be secured on aircraft upon drawing.
easyJet added the facility will significantly extend and improve its debt maturity profile and will also strengthen its balance sheet by increasing the level of available liquidity.
"This facility will significantly extend and improve easyJet's debt maturity profile and increase the level of liquidity available. easyJet has taken swift and decisive action, having now secured more than GBP4.5 billion in liquidity since the beginning of the pandemic," said Chief Executive Johan Lundgren.
The company added that during the first quarter, it will repay and cancel its fully-drawn USD500 million revolving credit facility and term loans of around GBP400 million, noting that the repayments will free up a number of its aircraft assets to further strengthen its balance sheet.
Shares in easyJet were trading 1.3% lower at 776.79 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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