EasyJet agrees £206m sale, leaseback deal on 6 A320 aircraft

Budget carrier easyJet said it had agreed a sale and leaseback deal for six Airbus A320neo aircraft for $255m (£206m) to Japan’s SMBC Aviation.

The proceeds make up part of the anticipated £500 - £650m in funding from sale and leasebacks last month announced by the airline and to maximise liquidity and further strengthen easyJet's financial position to weather the coronavirus crisis.

The net book value of the aircraft, which vary in age from six months to two years of age, was approximately £141m as at 31 March 2020.

EasyJet said the planes would be leased back for terms of between 110 and 122 months with the lease obligations generating around £155m. Average net annual headline cost reflected would be in the mid-single digit millions of pounds.

The airline added that it had identified other unencumbered aircraft in its fleet and if a decision to sell was made in the next 18 months, SMBC Aviation Capital would be the preferred partner for any deal under the same financial metrics.