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EasyJet debut likely to be 500m seven-year for Tuesday

Reuters - UK Focus

By Laura Benitez

LONDON, Feb 1 (IFR) - An inaugural bond from British low-cost airline EasyJet (Other OTC: EJTTF - news) could emerge as soon as Tuesday February 2, according to a source.

Lead managers have received "strong feedback" following a roadshow last month, and the company's preference is for a 500m no-grow deal with a seven-year maturity.

EasyJet was considering either a seven or eight-year tenor and a £300m or 500m size, according to an investor who attended the London leg of the roadshow.

The airline announced its funding plans on the same day as being assigned first-time ratings of Baa1 and BBB+ by Moody's and S&P.

Bank of America Merrill Lynch, Barclays (LSE: BARC.L - news) and Societe Generale (Swiss: 519928.SW - news) arranged the roadshow and will run the trade. (Reporting By Laura Benitez, editing by Helene Durand, Julian Baker)