EasyJet requests draw down of $500 million credit facility, explores more funding


(Reuters) – EasyJet (EZJ.L) said on Monday it has requested to fully draw down its $500 million credit facility, secured against aircraft assets, and will continue to explore funding options due to a possibly prolonged grounding of its jets following the coronavirus outbreak.

The low cost airline, which reached an agreement with its union to furlough its pilots, also said it had issued 600 million pounds ($737.34 million) of commercial paper though the British government’s COVID-19 corporate financing facility.

EasyJet said it expects to have access to cash reserves of 2.3 billion pounds by Thursday.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta

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Source: Reuters