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EasyJet: Rights issues help restore group balance sheet position

Anthony O. Goliainoff and Adam Clark

 

EasyJet PLC launched a fully underwritten rights issue to raise £ 1.2 billion ($ 1.65 billion) on Thursday, a new $ 400 million credit line to repair balance sheets and invest in growth Said that he secured.

A UK-based airline said additional stocks would bring the balance sheet back to pre-pandemic levels and increase liquidity.

“The Board concludes that by raising additional shares, it will protect EasyJet’s long-term position in the European aviation sector and support growth as new opportunities emerge from the Covid-19 pandemic. “The company said.

The low-cost carrier also said the board was under a unilateral preliminary takeover approach and was unanimously rejected after careful evaluation.

“We have confirmed that prospective bidders are not considering offers to the company,” EasyJet said.

Low-cost airlines said they expect fourth-quarter capacity to be around 57% of 2019’s fourth-quarter level. He added that he expects to fly up to 60% of capacity in the first quarter of 2019 in the first quarter of 2022.

In August, the UK load factor (a measure of airplane fullness) was 82%, the capacity in the EU was 81% of the 2019 level, and the load factor was 85%.

 

Write to Anthony O. Goriainoff (anthony.orunagoriainoff@dowjones.com) and Adam Clark (adam.clark@dowjones.com).

EasyJet: Rights issues help restore group balance sheet position

Source link EasyJet: Rights issues help restore group balance sheet position

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