JetBlue Airways Corp. (JBLU) announced on Monday its plan to issue $400 million in principal amount of convertible senior notes, set to mature in 2029.
The initial purchasers of these notes will be granted an option to acquire up to an additional $60 million in notes.
JetBlue plans to allocate the net proceeds from this offering to repurchase a portion of their existing 0.50 percent senior convertible notes, which are due in 2026. This will be done through one or more transactions, alongside covering expenses related to the offering. The remaining net proceeds are intended for general corporate purposes.
In pre-market trading on Nasdaq, JBLU shares were down by 5.62 percent, sitting at $5.71.
