Leading international law firm Herbert Smith Freehills is acting for easyJet on its £1.2 billion rights issue.
easyJet's rights issue is the largest UK rights issue in 2021 to date. The funds are being raised to strengthen easyJet's balance sheet and to enable easyJet to capitalise on long-term strategic and growth opportunities as air travel recovers from the Covid-19 pandemic.
The Herbert Smith Freehills team was led by UK head of equity capital markets Mike Flockhart 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 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.
Mike Flockhart commented: "easyJet's rights issue demonstrates that the markets will continue to endorse companies with a strong business plan and brand and high quality leadership, notwithstanding the impact of COVID."
