easyJet plc’s GBP1.2 Billion Rights Offering

Allen & Overy advised Greenhill and BNP Paribas on easyJet plc’s offering. Herbert Smith Freehills acted for easyJet.

The rights issue represents the largest UK equity capital raising of 2021 so far. easyJet expects the proceeds will enhance its balance sheet strength and resilience by restoring its balance sheet position to pre Covid-19 levels. The company also expects the proceeds will provide it with the flexibility to capture strategic growth opportunities, gain greater benefits from ancillary revenue and the easyJet holidays business, and invest in sustainability with new generation aircraft.

The A&O team advising on the rights issue was led by London equity capital markets (ECM) partners James Roe and Jeff Hendrickson and counsel Harsha Kumar, with support from associates Philip Whitehead and Baxter Schooley and U.S. law clerk Shivani Agarwal. Paris ECM partner Olivier Thebault and associate Jordan Amsellem provided advice on the French prospectus and liaison with the Autorité des Marchés Financiers (AMF). Partner Lydia Challen provided tax advice. Senior associate Pieter Huizing and associate Jochem de Kok provided specialist advice on the EU Air Services Regulation.

The Herbert Smith Freehills team was led by UK head of equity capital markets Mike Flockhart (Picture) and joint global head of corporate Stephen Wilkinson, supported by senior associate Sarah Ries-Coward. Head of US Securities Tom O’Neill and counsel Dennis Hermreck provided US securities advice. The team further included Hubert Segain, Laurence Vincent, Yohann Smadja, Hugues Colombani,Bruno Knadjian, Sylvain Piémont.
The firm worked in close partnership with the “exceptional” easyJet legal team, led by GC Maaike de Bie and fielding Vanessa Cowling, Rebecca Mills and deputy co-sec Ben Matthews.

Involved fees earner: Jordan Amsellem – Allen & Overy; Lydia Challen – Allen & Overy; Jochem de Kok – Allen & Overy; Jeff Hendrickson – Allen & Overy; Pieter Huizing – Allen & Overy; Harsha Kumar – Allen & Overy; James Roe – Allen & Overy; Baxter Schooley – Allen & Overy; Olivier Thébault – Allen & Overy; Philip Whitehead – Allen & Overy; Hugues Colombani – Herbert Smith Freehills; Mike Flockhart – Herbert Smith Freehills; Dennis Hermreck – Herbert Smith Freehills; Bruno Knadjian – Herbert Smith Freehills; Tom O’Neill – Herbert Smith Freehills; Sylvain Piémont – Herbert Smith Freehills; Sarah Ries-Coward – Herbert Smith Freehills; Hubert Segain – Herbert Smith Freehills; Yohann Smadja – Herbert Smith Freehills; Laurence Vincent – Herbert Smith Freehills; Stephen Wilkinson – Herbert Smith Freehills;

Law Firms: Allen & Overy; Herbert Smith Freehills;

Clients: BNP Paribas; Credit Suisse; easyJet plc; Goldman Sachs; Greenhill & Co., LLC; Santander; Société Générale;

Author: Federica Tiefenthaler