The transaction involved a US$2 billion issuance by JetBlue of 9.875% Senior Secured Notes due 2031.
We are pleased to have acted as Cayman Islands counsel to
Goldman Sachs Bank USA and Barclays Bank Plc (structuring agents
and joint lead bookrunners) in relation to the recent JetBlue
Airways Corporation ("JetBlue") US$2.765
billion financing backed by its loyalty program. The transaction
involved a US$2 billion issuance by JetBlue of 9.875% Senior
Secured Notes due 2031 (the "Notes") and
borrowing of a Senior Secured Term Loan facility of US$765 million
due 2029 (the "Term Loan").
JetBlue and JetBlue Loyalty, LP (together the "Issuers") issued the Notes and borrowed the Term Loan with certain subsidiaries of JetBlue serving as guarantors. The Notes and Term Loan are secured, on apari passubasis, by (among other assets) a first-priority lien on the core assets of JetBlue’s customer loyalty program, TrueBlue®.
The multidisciplinary team from our Finance, Insolvency and Regulatory groups was led by Finance partner Sarah Humpleby and associate Lloyd Barker. Milbank advised Goldman Sachs Bank USA and Barclays Bank Plc on the transaction.
JetBlue and JetBlue Loyalty, LP (together the "Issuers") issued the Notes and borrowed the Term Loan with certain subsidiaries of JetBlue serving as guarantors. The Notes and Term Loan are secured, on apari passubasis, by (among other assets) a first-priority lien on the core assets of JetBlue’s customer loyalty program, TrueBlue®.
The multidisciplinary team from our Finance, Insolvency and Regulatory groups was led by Finance partner Sarah Humpleby and associate Lloyd Barker. Milbank advised Goldman Sachs Bank USA and Barclays Bank Plc on the transaction.