JetBlue downgraded by S&P and Moody's amid $3B debt raise
JBLUJetBlue(JBLU) Fox Business·2024-08-13 07:51

Ratings agencies S&P and Moody's downgraded JetBlue Airways after the carrier unveiled plans to raise more than 3billionindebt,majoritybackedbyitsloyaltyprogram,TrueBlue.SharesoftheNewYorkbasedcompanyplummeted193 billion in debt, majority backed by its loyalty program, TrueBlue. Shares of the New York-based company plummeted 19%.JetBlue intends to raise 1.5 billion through a private offering of senior secured notes and an additional 1.25billionviaatermloan,securedbyTrueBlue.Italsoplanstoraise1.25 billion via a term loan, secured by TrueBlue. It also plans to raise 400 million through a convertible notes offering, primarily to refinance existing debt.S&P downg ...