JetBlue Airways Corp. retained Hughes Hubbard & Reed as counsel for a new $350 million credit and guaranty agreement, with Citibank N.A. acting as administrative agent. The transaction closed on April 23, 2013.

The agreement provides for a $350 million revolving loan and letter of credit facility. The revolving credit facility allows JetBlue from time to time prior to April 23, 2016 to borrow, repay and re-borrow loans, and have letters of credit issued, in an amount outstanding at any time of up to $350 million. Any borrowings under the revolving credit facility are due and payable on April 23, 2016, at which point the revolving credit facility terminates.
The obligations of JetBlue under the revolving credit facility are secured by liens on certain take-off and landing rights of JetBlue at John F. Kennedy International Airport, Newark Liberty International Airport, LaGuardia Airport and Ronald Reagan Washington National Airport and certain related assets.
The initial lenders included Citibank N.A., Barclays Bank PLC, BNP Paribas, Credit Agricole Corporate and Investment Bank, Bank of America N.A., Banco Popular de Puerto Rico, New York Branch and Morgan Stanley Senior Funding Inc.
John Hoyns, Andy Braiterman, Scott Christensen, Michael DeBernadis, Robyn Morris, Alastair Macdonald and Christine Lamsvelt worked on the deal for JetBlue. Dan Litowitz worked to bring JetBlue to Hughes Hubbard.