Jetblue Airways has topped up its Series 2019-1 enhanced equipment trust certificate (EETC) issuance with a $115.6 million class B pass-through certificate offering.
The upsized issuance, which closed on 27 August, bears interest at 8% per annum and is backed by 25 Airbus A321 aircraft.
Jetblue took delivery of the aircraft between February 2017 and December 2018.
The initial loan-to-value ratio is 75.1%.
The Class B certificates will bring the total amount raised to $887.8 million, the US carrier states in a regulatory filing.
Morgan Stanley is the sole structuring agent and lead bookrunner, while Credit Agricole is the bookrunner.
Credit Agricole, acting through its New York Branch, will provide a liquidity facility for the Class B certificates in an amount sufficient to make three semi-annual interest distributions on the outstanding balance of those certificates.
Fitch Ratings has assigned the certificates a BBB rating. It notes that the class B certificates are being sized at $115.6 million and will feature an initial tenor of 7.2 years, a weighted average life of 4.3 years, and a balloon payment equal to 22.1% of the initial principal balance. Like the class AA and A certificates, the class B certificates will feature an 18-month liquidity facility. Moody's Investors Service has assigned a Baa2 rating to the certificates.