EasyJet to fly up to 20% capacity for Q1 amid lockdown in Europe; agrees sale, leaseback of 11 aircraft

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StockMarketWire.com – Budget airline EasyJet said it expected to fly no more than 20% of planned capacity for the fiscal first quarter of 2021 folllowing lockdowns in England, Germany, and France.

The company also said it would sell and leaseback a further eleven aircraft with two counterparties, generating proceeds of $169.5 million, or approximately £130.7 million.

Ten A320 family aircraft were sold to ACS Aero 2 Beta for $124.5m and one A320 family aircraft was sold to JLPS Holding Ireland for cash proceeds of $45.0m.

Over the terms of the eleven leases the average incremental net annual headline cost reflected in easyJet’s income statement will be approximately £6.4 million, which is driven by increases in interest charges and depreciation, the company said.

On completion of the sale and leaseback transactions, easyJet now retained 141 fully owned and unencumbered aircraft, representing approximately 41% of the fleet. Story provided by StockMarketWire.com

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