Jet2 boosts bottom line with half a billion in new funds

Monday, 03 Jun, 2021 0

Jet2 has boosted its finances with new funds of more than £500 million.

It secured a £150m loan and more than £380m in a convertible bond issue.

The unsecured loan matures in September 2023, while the bonds are due in 2026.

"Unsurprisingly, current customer booking trends for summer 2021 reflect the availability of truly accessible, UK government approved destinations," it said in a stock exchange filing.

"However, given the continued short-term uncertainty, we remain encouraged by the volume of customer bookings to date for both winter 2021/22 and for summer 2022, for which package holiday bookings are displaying a materially higher mix of the total."

Jet2 had previously raised nearly £I billion in funds over the past 12 months to stay afloat.

The new funds will be used to strengthen its balance sheet further and put it in a strong position for the recovery as more destinations open up.

"These transactions together, further improve the ability for Jet2.com and Jet2holidays to capitalise on any upturn opportunities."

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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