Milbank LLP represented the banks in connection with a $3.2 billion comprehensive financing transaction completed by JetBlue Airways Corporation (NASDAQ: JBLU) (“JetBlue”), comprised of loans and notes collateralized by JetBlue’s loyalty program, TrueBlue, as well as an equity-linked convertible notes offering.
The loyalty financing, JetBlue’s first, consisted of a $2 billion senior secured bond and a $765 million term loan, each backed by TrueBlue. The company concurrently issued a $460 million unsecured convertible note. Milbank advised the banks as initial purchasers in connection with the bond offerings and the agent in connection with the loans.
The Milbank deal team was led by Transportation and Space partners Drew Fine and Jim Pascale and Corporate Finance and Securities partners Brett Nadritch and Jonathon Jackson, with special counsels Zachary Cronin and Theo Hart. The associates on the deal team included Andrew Boytos, Ian Hunley, Harper Ricks, Agustin Videla and Carolyn Mitchell.
