White & Case Advises JetBlue Airways on a US$3.5 billion Committed Financing for its Acquisition of Spirit Airlines
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Global law firm White & Case LLP has advised JetBlue Airways Corporation, a leading carrier in more than 100 cities throughout the United States, Latin America, the Caribbean, Canada and the United Kingdom, on a US$3.5 billion senior secured bridge loan commitment to support JetBlue's acquisition of Spirit Airlines, Inc., a leading ultra low cost airline carrier in the United States, the Caribbean and Latin America.
Spirit had previously entered into a merger agreement with Frontier Airlines in February 2022, when JetBlue made an unsolicited proposal to acquire Spirit, which was initially rejected by Spirit's Board. JetBlue then launched a hostile tender offer, which was fully backstopped by the bridge loan commitment, in order to make its offer directly available to Spirit's shareholders. This led to the acceptance of JetBlue's takeover offer by Spirit's Board, and JetBlue announced the definitive merger agreement to acquire Spirit on July 28, 2022.
The lead arrangers on the financing were Goldman Sachs Bank USA and Bank of America, N.A.
The White & Case team was led by partners Eric Leicht, Daniel Nam, Michael W. Smith, and Elena Maria Millerman (all in New York), counsel David Grotts (Los Angeles) and associate Christie Garcia (Miami).
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