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28 Sep, 2021 07:26 28 Sep, 2021 11:31

EasyJet £1.2bn rights issue 93% subscribed

easyjet va lever 1 39 milliard d euros a rejete une offre de rachat

Budget airline easyJet said its rights issue to raise £1.2bn was 93% subscribed as it looked to bolster its balance sheet as it emerges from the Covid-19 pandemic.

EasyJet earlier this month unveiled plans to raise the cash via a 31-for-47 rights issue at 410p each, a deep discount of 36% on the airline’s closing share price on September 8. At the time it also revealed it had rejected a takeover approach reportedly from rival Wizz Air.

Chief executive Johan Lundgren on Tuesday said the raising “will enable easyJet to strengthen its balance sheet and accelerate its post-Covid-19 recovery plan”.

“Importantly, it will position us to take advantage of strategic investment opportunities across our markets which will arise as we move into this period of recovery from the pandemic.”

Underwriters BNP Paribas, Credit Suisse, Goldman Sachs, Santander and Société Générale said they had sold the remaining 21m shares via an accelerated bookbuild at 690p each.

EasyJet's biggest shareholder, the family of founder Stelios Haji-Ioannou, decided not to participate in the rights issue, and their stake is set to reduce to around 15% from 25%.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.