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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."

Notes to editor

The rights issue was announced only days after it was revealed the firm is acting for the underwriting banks on the planned US$5 billion IPO of Petershill Partners and follows a series of high profile capital markets mandates in 2021 for Herbert Smith Freehills, including the US$4bn rights issue by Tryg to fund its participation in the takeover of RSA and capital raises for FTSE 100 companies The Weir Group and Severn Trent.

Key contacts

Mike Flockhart photo

Mike Flockhart

Managing Partner, Corporate, London

Mike Flockhart
Stephen Wilkinson photo

Stephen Wilkinson

Partner, London

Stephen Wilkinson
Sarah Ries-Coward photo

Sarah Ries-Coward

Senior Associate, London

Sarah Ries-Coward
Tom O'Neill photo

Tom O'Neill

Partner, Head of US Securities, London

Tom O'Neill

Media contact

For further information on this article please contact

Lydia Lam

Lydia Lam, Head of Communications, UK, US & EMEA