EasyJet has completed a previously announced sale and leaseback for 23 aircraft to generate more than £600 million.

The total is at the upper end of the £500 miilion-£650 million in anticipated proceeds first highlighted in a trading update at the end of May.  

The final transaction covered the sale and leaseback of five A321neos for aggregate cash sales proceeds of £203 million, according to the airline.

The aircraft will be leased back until each reach ten years of age.  

The UK budget carrier has now raised more than £2.4 billion since the beginning of the Covid-19 pandemic. 

This comprises £400 million from drawing down a revolving credit facility, £600 million from the government’s Covid Corporate Financing Facility, £400 million from two term loans, £608 million in proceeds from the sale and leaseback and £419 million of equity issuance. 

The airline said: “EasyJet will continue to review its liquidity position on a regular basis and will continue to assess any further funding opportunities.”