Jet2 plc Announces Repurchase of Convertible Bonds

Jet2 plc has initiated a buyback of its remaining £387,400,000 1.625% Guaranteed Senior Unsecured Convertible Bonds due 2026. The repurchase invitation is aimed at the bondholders, inviting them to sell their bonds back to the company through a reverse bookbuilding process. The goal is to repurchase up to 100% of the outstanding bonds.

The purchase price will be £102,500 per £100,000 in principal amount of bonds, adjusted according to the market performance of Jet2's shares. The final repurchase price will be determined by mid-March, following the closure of the invitation on the 11th of the month. HSBC Bank plc and Jefferies International Limited are acting as the joint dealer managers for this process.

The settlement of these transactions is expected to occur around March 18. Jet2 intends to cancel any bonds repurchased, potentially also redeeming any remaining if less than 15% are left outstanding.