- Apollo Global Management is expected to favour aircraft-backed financing for the easyJet deal
- The debt package supporting the acquisition is £3.5bn
- Banks are expected to launch the debt package toward the end of 2026 or early 2027
- Apollo agreed in August 2026 to acquire easyJet
- The transaction gives Apollo control of easyJet’s Airbus A320-family fleet
Apollo Global Management is expected to favour aircraft-backed financing over high-yield bonds for most or all of the £3.5bn debt package supporting its planned acquisition of easyJet Group. Banks arranging the longer-term financing are expected to launch the debt package toward the end of 2026 or in early 2027. The financing could comprise asset-backed loans and other debt secured against easyJet’s aircraft.
Apollo had initially considered raising £900m through euro-denominated floating-rate notes and £2.6bn through senior secured notes denominated in sterling, euros and US dollars. However, weaker high-yield markets and higher government bond yields have made aircraft-backed financing comparatively more attractive. Barclays, Crédit Agricole CIB, Citibank, Standard Chartered and Lloyds initially underwrote a £3.5bn senior secured note bridge facility and a £1.3bn revolving credit facility for the acquisition. Other banks subsequently joined the interim financing.
Apollo agreed in August 2026 to acquire easyJet following a month-long bidding process. The transaction gives the US investment firm control of easyJet’s Airbus A320-family fleet, valuable slots at constrained airports including London, Milan Malpensa and Geneva, and its holiday business.
