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EasyJet Signs Five-year Term Loan Facility Of $1.87 Bln

easyJet Plc.(ESYJY.PK,EZJ.L) said Monday that it has signed a new five-year term loan facility of $1.87 billion underwritten by a syndicate of banks and supported by a partial guarantee from UK Export Finance under their Export Development Guarantee scheme.

The company said it will secure the five-year facility on aircraft upon drawing and will significantly extend and improve its debt maturity profile and strengthen its balance sheet by increasing the level of available liquidity.

easyJet also announced that during first-quarter it will repay and cancel part of its shorter term debt, namely the fully drawn Revolving Credit Facility of $500 million and Term Loans of 400 million pounds. It will free up a number of aircraft assets to further strengthen easyJet's balance sheet.

Johan Lundgren, easyJet CEO said," easyJet has taken swift and decisive action, having now secured more than £4.5bn in liquidity since the beginning of the pandemic...easyJet is well positioned as customers return to the skies in 2021."

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