A&O advises the underwriters for EasyJet’s share placing
01 July 2020
Allen & Overy is advising BNP Paribas and Credit Suisse Securities (Europe) Limited as joint global coordinators and joint bookrunners to easyJet plc on its placing of ordinary shares, raising gross proceeds of GBP419 million.
A leading European low-cost airline, easyJet operates more than 300 aircraft on 979 routes across 30 countries. The vast majority of easyJet’s fleet has been grounded since March 2020, with the airline only operating a small number of repatriation flights. As Covid-19-related travel restrictions have begun to ease, easyJet has gradually resumed flying and intends to fly 155 aircraft during the peak European summer season.
The placing was conducted through an accelerated book-build process using a ‘cashbox’ structure similar to the recent placing by FTSE-listed business intelligence group Informa, on which A&O also advised the underwriters. The firm has also recently advised on share placings and equity raisings by The Gym Group, WH Smith, Hiscox and SIG, as well as other high-profile transactions in the airline sector including advising the underwriters on Cathay Pacific’s HKD11.7 billion rights issue and advising the French State on the financial support granted to Air France-KLM.
Commenting on the transaction, James Roe, an Allen & Overy partner in London and equity capital markets specialists in London, said: “This is another great example of a high profile equity capital raise on which we have advised, which is testament to the strength of our equity capital markets practice and the trust placed in us.”
The A&O team was led by Corporate partner James Roe and US Corporate Finance partner Jeff Hendrickson. The transaction team included senior associates Harsha Kumar and Julian Veshi and associate Philip Whitehead.