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LONDON, Jan 11 (Reuters) - British airline easyJet
boosted its liquidity through a new five-year loan facility of
$1.87 billion, backed by a partial guarantee from Britain,
helping to ease concerns about its finances as the pandemic
continues to stop travel.
Like most European airlines, cash-strapped easyJet had been
hoping to be gearing up for a recovery this spring, but with
Britain, its biggest market, back in lockdown, flying is
expected to stay at minimal levels for several more months.
EasyJet said the new loan facility improved its debt
maturity profile and it planned to repay and cancel the full
drawn revolving credit facility of $500 million and term loans
of about 400 million pounds ($540 million) in the first quarter.
To survive the pandemic so far, easyJet has axed 4,500
staff, tapped shareholders for cash, and sold dozens of its
aircraft, and it did not rule out further action in its
statement on Monday.
"easyJet will continue to review its liquidity position on a
regular basis and will continue to assess further funding
opportunities, should the need arise," the airline said.
The new $1.87 billion loan was underwritten by a syndicate
of banks and backed by guarantees provided by a scheme from
Britain's UK Export Finance, which includes some restrictions
around future dividend payments.
Other companies hit by COVID-19 travel restrictions,
including Britain's Rolls-Royce and British Airways, owned by
IAG, have also used UK Export Finance guarantees.
EasyJet said repaying its shorter term debt would "free up"
a number of aircraft assets further strengthening its balance
sheet.
($1 = 0.7402 pounds)
(Reporting by Sarah Young; editing by Estelle Shirbon)
