easyJet prices €500m debut bond

Dino D'Amore
By Dino D'Amore February 2, 2016 21:05

easyJet prices €500m debut bond

easyJet’s €500 million issuance maturing in 2023, which priced at 1.75%, garnered significant interest in trading today, with reports stating that demand surpassed €5bn. The bonds are expected to be rated Baa1 (stable) by Moody’s and BBB+ (stable) by Standard & Poor’s and to be issued on 9 February 2016.

Commenting on the issue, Andrew Findlay, Chief Financial Officer, said: “We are delighted by the success of this issue and by the strong support shown by bond investors in easyJet plc.  The publication of solid investment grade credit ratings and the issue of this inaugural bond underlines the quality of easyJet’s business model, the sustained track record of profitable growth and the strength of easyJet’s balance sheet.

He added that the proceeds of the bond allows the airline “to access cost effective unsecured funding to support the continued delivery of easyJet’s successful strategy of profitable growth.”

Lead bookrunners are Bank of America Merrill Lynch, Barclays and Societe Generale.

Dino D'Amore
By Dino D'Amore February 2, 2016 21:05