CALC launched sustainability-linked $500m unsecured revolving syndicated loan facility, with initial placement size of $350m, to partially finance PDPs for its new aircraft orders. China Construction Bank Shanghai Branch are lead arrangers.
JETBLUE had $104m net loss on $2.3b revenues in 4Q23 vs $24m profit on $2.4b in 4Q22; and $310m net loss on $9.6b revenues in 2023 vs $362m loss on $9.2b in 2022. It says it has deferred ~$2.5b of planned aircraft capital expenditures from 2024-2027 to 2028 and beyond, reducing deliveries to 65 A220s and 25 A321neos in 2024-2027.
Plans include $2.5 billion in aircraft deferments, new revenue initiatives, network refinements, and cuts across its cost base including real estate and staff.
Despite Spirit's reliance on leased aircraft, lessor specific exposure to the financially distressed airline is not large enough to raise any red flags.
While aerospace investment is traditionally a long game, many companies continue to see their performance and outlook judged largely in the short term.
