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Morgan Stanley launches JetBlue EETC
01 December 2006
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MORGAN STANLEY; EETC; JETBLUE AIRWAYS
Morgan Stanley has launched and priced a new enhanced equipment trust certificate (EETC) for JetBlue Airways in the US. The $123.5 million, two-tranche deal is secured by the airline's spare parts inventory.
The $74.1 million G-1 tranche is wrapped to an Aaa/AAA rating from MBIA and priced at Libor plus 23 basis points (bp). The $49.4 million B-1 tranche is rated Ba3/B+ and priced at Libor plus 287.5bp. Both tranches are seven-year bullets.
Structurally, the deal was very similar to the spare parts deal that Morgan Stanley completed for Continental Airways in early 2006. The main difference is that JetBlue has the...
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