In a bid to raise cash to help it through the winter, the low-cost carrier has agreed the sale of some of its A320 Family aircraft
Luton-based easyJet has signed a series of sale and leaseback agreements covering nine Airbus A320 Family aircraft.
The two deals – which are with a pair of separate counterparties – are expected to generate total cash proceeds of £305.6m.
The firm has agreed the sale of five A320s to Ireland’s Wilmington Trust SP Services for £146.5m, which will then be leased for an average term of 117 months, creating lease obligations of £123.7m. At this price, each jet was sold for an average price of £29.2m, compared with an average list price of around £80m each in 2018.
The second transaction was executed with Sky High 112 Leasing Company for the sale and leaseback of four A320 Family aircraft. The cash generated from this agreement totals £159.1m and the airframes are expected to be leased back for an average period of 116 months, creating lease obligations of £108m. For this sale price, each aircraft was purchased by Sky High for an average cost of £39.7m.
Once these two transactions are completed, easyJet will retain 152 fully owned and unencumbered aircraft, representing approximately 44% of its fleet.
The airline says it will continue to review its liquidity position on a regular basis and further assess funding options, “including those that exist in the sale and leaseback market,” a statement to investors said.