JetBlue Airways (JBLU) Raise Buyback Plan to $500M

JetBlue Airways (NASDAQ: JBLU) said its board approved certain changes to our previously announced share buyback program. The program, which commenced in 2016, was previously a three year program with an aggregate authorization of up to $250 million worth of shares. The Board approved an increase in the aggregate authorization in the value of the program, to up to $500 million worth of shares, and extended the term of the program through December 31, 2019. The program includes authorization for repurchases in open market transactions pursuant to Rules 10b-18 and/or 10b5-1 of the Securities and Exchange Act of 1934, as amended and/or one or more accelerated stock repurchase programs through privately-negotiated accelerated stock repurchase transactions. To date in 2016, as previously disclosed, we repurchased a total of approximately 5.4 million shares of our common stock for approximately $120 million pursuant to two accelerated share repurchase agreements executed in November 2016. The total number of shares that will ultimately be purchased by the Company pursuant to each accelerated share repurchase agreement will generally be based on the average of the daily Rule 10b-18 volume weighted average prices of the Company’s common stock during the term of each ASR program, less a discount.

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