JetBlue announces pricing of senior secured notes offering, $765M term loan

JetBlue Airways announced that JetBlue and JetBlue Loyalty, a newly formed Cayman Islands exempted limited partnership and an indirect wholly-owned subsidiary of JetBlue, priced their $2,000 million aggregate principal amount of 9.875% senior secured notes due 2031 and $765 million senior secured Term Loan B due 2029. The Notes offering was increased by $500 million from the previously announced offering size of $1,500 million in connection with a decrease to the size of the Term Loan. JetBlue expects to close the Loyalty Financings on or about August 27, 2024, subject to the satisfaction of customary conditions. The Issuers intend to use the net proceeds from the Loyalty Financings for general corporate purposes. The Loyalty Financings will each be guaranteed by certain subsidiaries of JetBlue. The Loyalty Financings will be secured, on a pari passu basis, by certain collateral in connection with JetBlue’s customer loyalty program, TrueBlue