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Continental engine deal blows out with record pricing
01 June 2006
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Continental; Morgan Stanley; EETC
Continental Airlines has obtained the lowest-ever pricing on an enhanced equipment trust certificate (EETC), with the $130 million FGIC-wrapped tranche on a spares parts deal closing at Libor plus 35 basis points (bp). Morgan Stanley was sole bookrunner and arranger.
The $320 million deal refinances two five-year spares EETCs that the airline issued in 2002 and 2003.
Continental Airlines 2006-1 has seven-year bullet maturities allowing the airline to extend...
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