easyJet shares drop on leaseback deal

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easyJet shares drop on leaseback deal
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Shares in FTSE 100 budget airline easyJet (LON:EZJ) descended 6.94% to  568.40p (as of 10:15 BST) after the firm completed the sale and leaseback of 23 aircraft. The deal generated proceeds of $771 million, bringing the total amount of funding raised by the company since the start of COVID-19 to more than $2.4 billion.

The aircraft in question will be leased back until they reach 10 years of age and management said that the average incremental net annual headline cost that would appear in the firm’s income statements would be in the mid-single digit millions.

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