JetBlue Airways (B6, New York JFK) revealed on November 22 that it had entered into an agreement with United States investment bank Morgan Stanley to implement an Accelerated Share Repurchase (ASR) transaction.
Under terms of the buyback deal, it will pay a total of USD160 million to the investment bank and initially receive around 6.9 million shares based on the November 21 closing price of USD18.63 per share.
The agreement is part of a USD800 million share repurchase announced in September. The total number of shares the carrier will ultimately receive depends on the volume-weighted average price of the stock during the term of the agreement.
The stock has gained 16% so far this year, according to the American financial data website MarketWatch.
The move follows similar accelerated share repurchase agreements signed earlier this year with Goldman Sachs and Barclays Bank, both of which were for the buyback of USD125 million worth of the airline's stock.
- Type
- Base
- Aircraft
- Destinations
- Routes
- Daily Flights
