EasyJet (EZJ.L), a British airline, announced a fully underwritten rights offering for 1.2 billion pounds ($1.7 billion) and a new lending facility to aid its pandemic recovery, as well as the rejection of a takeover approach.
The British airline also intends to take on $400 million in debt to provide a reserve fund as it prepares to resume leisure flying.EasyJet said in a statement on Thursday that the preliminary approach was all-stock and had a minimal premium. The suitor has indicated that it will no longer pursue a proposal, according to the report.
Since the outbreak of the coronavirus, EasyJet has raised more than 5.5 billion pounds in liquidity, bringing the global aviation sector to its knees.
During the fourth financial quarter, the firm aims to fly at around 57 percent of capacity, according to the corporation, which has stated that it will continue to assess its capital structure.
