EasyJet raises further GBP600m as Covid-19 disruption continues

EasyJet has bolstered its finances by securing GBP608m from selling off and leasing back part of its fleet, as airlines scramble for cash to see them through increasing uncertainty. The low-cost airline has now raised more than £2.4bn since the start of the coronavirus pandemic, including GBP600m from the UK government’s Covid Corporate Financing Facility and just over GBP400m from a share placement. It said it would look at future funding opportunities “on a regular basis”. On Friday, easyJet said a GBP203m deal for five Airbus A321neo aircraft had completed its sale and leaseback process, and that it had raised the upper end of its previously announced target of GBP550m and GBP650m. Airlines across the world are shoring up their finances to help deal with the crisis caused by Covid-19 and restrictions on travel. Global air travel is forecast to fall by as much as 70% this year, according to a report this week from S&P Global, worse than had previously been predicted. The crisis facing the industry was deepened late on Thursday when the British government added more destinations to its quarantine list, including France. Airlines UK said the decision was “another devastating blow to the travel industry”.<br/>