EasyJet raises extra cash from sale and leaseback deal

© Reuters. FILE PHOTO: EasyJet restarts its operations amid the coronavirus disease (COVID-19) outbreak at Gatwick Airport, in Gatwick

LONDON (Reuters) – British low cost airline easyJet (L:) said it raised an extra $266 million to boost its finances during the pandemic from the sale and leaseback of five aircraft, concluding its plan to raise cash from leasing companies.

EasyJet has spent recent months strengthening its balance sheet after its planes were grounded for ten weeks because of COVID-19 restrictions which are continuing to affect travel.

The airline said on Friday it agreed the sale and leaseback of five A321neo aircraft for $266 million with Jin Shan 37 Ireland, a unit of BOCOMM, bringing the total proceeds from such deals to 608 million pounds, at the upper end of its estimates to raise 500 million to 650 million pounds.

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