Overview

ICBC Leasing provides £159 million GBP for sale and leaseback agreement with EasyJet for acquisition of 4 A320 Aircraft

Commitments (Constant USD, 2023)$210,314,971

Commitment Year•2020Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•IrelandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 26, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

Sky High 112 Leasing Co Ltd

Receiving agencies

Private Sector

EasyJet plc

Loan description

ICBC Leasing provides £159 million GBP for sale and leaseback agreement with EasyJet for acquisition of 4 A320 Aircraft

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 26, 2020 Sky High 112 Leasing Company, a trust for aircraft owned by, and subsidiary of, ICBC Financial Leasing Co., Ltd. (ICBC Leasing) entered into a £159 million GBP sale and leaseback agreement with easyJet plc. The agreement would entail the purchase of four of easyJet's Airbus A320 aircraft for £159 million GBP by Sky High 112 Leasing Company with a leasing obligation amounting to £108 million GBP for easyJet. easyJet intended to continue leasing the aircraft for the next ten years. The sale and lease-back agreement provided funds for easyJet amidst COVID-19 related strain on the aviation sector.

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products, so AidData has coded this transaction as a loan.