JetBlue loan hits secondary; Ventia updates U.S. loan terms; Lummus accelerates timing

By Sara Rosenberg

New York, June 12 – JetBlue Airways Corp. increased the size of its first-lien term loan B and lowered the spread before breaking for trading above its original issue discount on Friday afternoon.

JetBlue Airways raised its four-year first-lien term loan B to $750 million from $500 million and trimmed pricing to Libor plus 525 basis points from talk in the range of Libor plus 575 bps to 600 bps, a market source remarked.

The term loan still has a 1% Libor floor and an original issue discount of 97, and is non-callable for one year, with a make-whole at Treasuries plus 50 bps, and then at 102 in year two.

Final commitments were due at noon ET on Friday and then the term loan freed to trade in the afternoon, with levels quoted at 99½ bid, par offered, another source added.

In more happenings, Ventia Finco Pty Ltd. reduced pricing on its U.S. incremental term loan and tightened the original issue discount, and Lummus Technology (Illuminate Buyer LLC) moved up the commitment deadline for its first-lien term loan.

Furthermore, Ultimate Software Group Inc. and Pathway Vet Alliance LLC joined the near-term primary calendar.

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