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EasyJet Confirms Sale And Leaseback Of Nine Aircraft

easyJet plc (ESYJY.PK,EZJ.L), on Tuesday, confirmed the sale and leaseback of nine aircraft with two counterparties. The transactions generate total cash proceeds of $398.6 million.

The first transaction, executed with Wilmington Trust SP Services Ltd. for the sale and leaseback of five Airbus 320 family aircraft, would generate cash sales proceeds of $191.1 million, and are leased for an average term of 117 months, creating lease obligations of £123.7 million.

The second transaction, executed with Sky High 112 Leasing Co. Ltd. for the sale and leaseback of four Airbus 320 family aircraft, would generate cash sales proceeds of $207.5 million, and are leased back for an average of 116 months, creating lease obligations of £108.0 million.

Upon completion, easyJet would retain 152 fully owned and unencumbered aircraft, representing about 44% of the fleet.

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