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EasyJet signs $1.87bn five-year term loan facility to strengthen finances
StockMarketWire.com
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Budget airline EasyJet said it had inked a new five-year term loan facility of $1.87 billion from UK Export Finance to strengthening its balance sheet.
The five-year facility would be secured on aircraft upon drawing and 'significantly extend and improve easyJet's debt maturity profile and strengthen easyJet's balance sheet by increasing the level of available liquidity,' the company said.
The facility from Export Finance was provided under their Export Development Guarantee scheme.
The commercial loans scheme was available to qualifying UK companies, and did not carry preferential rates or require state aid approval, and contained some restrictive covenants including around dividend payments, but these were compatible with easyJet's existing dividend policy.
Story provided by StockMarketWire.com
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