Hawaiian issues Airbus EETC | News | Airfinance Journal

Hawaiian issues Airbus EETC

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Hawaiian Airlines is issuing Enhanced Equipment Trust Certificates (EETCs) to obtain financing secured by eight Airbus aircraft.

The offering includes approximately $217 million of Class A Certificates and approximately $45 million of Class B Certificates. Each class of Certificates represents an interest in its respective pass-through trust. The trusts will use the proceeds from the offering to acquire equipment notes secured by eight Airbus aircraft.

Parent Hawaiian Holdings will fully and unconditionally guarantee the payment obligations.

Kroll Bond Rating Agency (KBRA) assigns issuer ratings of B+ with a negative outlook to Hawaiian Holdings and Hawaiian Airlines.

The agency assigns an A rating to the $217 million Class A certificates due September 2027 and BBB to the $45 million Class B certificates due September 2025, with a negative outlook.

KBRA says the ratings reflect its “expectation that the company has sufficient level of liquidity to manage through the COVID-19 crisis”.

As of 30 June, the carrier had unrestricted cash, cash equivalents and short-term investments of $761 million, outstanding debt and finance lease obligations of $1.06 billion and air traffic liabilities of $554 million.

In July, Hawaiian sold two Airbus A321neo aircraft for proceeds of $114 million.

 

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Regional Snapshot

Related Data

Transaction Snapshot
Air Company | Bond issue | 01-24 | $1.5bn
Financial Close:
11/02/2024
SPV:
Some Aviation Trust
Value:
$1,500.00m USD
Full Details