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EasyJet Announces Sale And Leaseback Of 11 Aircraft With Two Counterparties

EasyJet plc (ESYJY.PK,EZJ.L), on Friday, announced the sale and leaseback of a further eleven aircraft with two counterparties, for total cash proceeds of $169.5 million or about £130.7 million.

Ten A320 family aircraft were sold to ACS Aero 2 Beta Ltd. for cash sales proceeds of $124.5 million or about £96.0 million. The company noted that the aircraft would be leased back for an average term of 58 months, creating lease obligations of about £66.8 million.

easyJet also sold one A320 family aircraft to JLPS Holding Ireland Ltd. for cash proceeds of $45.0 million or about £34.7 million.

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

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