Investing
JetBlue Sees Pressure From Convertible Debt (JBLU)
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Shares of JetBlue Airways Corporation (NASDAQ: JBLU) are seeing some extra pressure this morning after the company announced the pricing of a previously announced convertible debt offering of 5.5% convertible bonds that mature in 2038. The size of the offering was also kicked up from $160 million to $175 million.
There were two separate issues of $87.5 million. One series converts to 220.6288 per $1,000.00 in principal face value for a conversion price of approximately $4.53 per share. The second series has a convertible rate of 225.2252 shares per $1,000 principal face value for a conversion price of approximately $4.44 per share.
Morgan Stanley and Merrill Lynch & Co. were listed as the joint book-running managers for this underwriting.
Shares closed at $4.15 Thursday, and shares are trading around $3.97 right before the open on more than 1.5 million shares.
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Jon C. Ogg
May 31, 2008
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