International law firm CMS has advised easyJet on the prepayment of its US$ 1.77 billion UKEF guaranteed term loan facility and the release of security in respect of multiple aircraft. The firm also advised on the collateral package in relation to a new US$ 1.75 billion undrawn five-year term loan facility, which is partially UKEF-supported. The new sustainability-linked facility replaces easyJet’s existing term loan facility, which was put in place at the start of 2021, resulting in no owned aircraft currently being encumbered within the easyJet Group.
This new loan facility allows easyJet to maintain its high liquidity position and embeds a sustainability key performance indicator, which is linked to a reduction in carbon emission intensity in line with easyJet’s SBTi validated target.
CMS Finance partner Gwen Edwards commented: “We are delighted to have assisted easyJet with this refinancing in collaboration with their other advisers, which supports the airline’s strategy and commitment to reaching its sustainability targets.”
The CMS team was led by Gwen Edwards, with support from Neha Arora, Huw Knott and Jasleen Marjara (Finance).
The firm’s dedicated Aviation practice, “Legal Flightpath” provides client solutions for every part of the aviation industry, including airlines, airport operators and service providers, air traffic control operators, banks, aircraft lessors, equipment manufacturers, aircraft maintenance services and aviation tech companies.
