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9th September 2025
easyJet has published an offering circular today (February 16) for a £4bn Euro medium term note (EMTN) programme.
The prospectus was approved by the UK's Financial Conduct Authority as a base prospectus.
Notes issued under the programme will be guaranteed by easyJet Airline Company, with additional cross-guarantees provided by easyJet and its subsidiary easyJet FinCo, depending on which entity acts as issuer.
The notes under the programme will be capped at £4bn, or equivalent value in other currencies.
easyJet has applied for the bonds to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange. The programme also allows for notes to be listed on other exchanges, subject to agreement with dealers.
The final terms for each tranche will be published separately and filed with regulators when individual bond issues are launched.
easyJet is currently rated Baa2 with stable outlook from Moody's and BBB+ with stable outlook from S&P. The EMTN programme is provisionally rated Baa2 by Moody's and BBB+ by S&P. However, individual tranches may be rated or unrated.
Societe Generale is acting as arranger for the offering.
Dealers on the programme include Bank of China, Barclays, BNP Paribas, BofA Securities, CaixaBank, Citigroup, Commerzbank, Commonwealth Bank of Australia, Credit Agricole CIB, Goldman Sachs (Europe), ING, Lloyds, MUFG, NatWest, Santander, SEB, SMBC, Societe Generale, and Standard Chartered.