US Airways' proposed enhanced equipment trust certificates offering, which is backed by 10 Airbus aircraft, has a total appraised value of $659.3 million, which is in-line with Fitch Ratings' value estimate.
Morten Beyer & Agnew, BK & Associates and Aircraft Information Services appraised the fleet of seven A321-200 and three A330-200 aircraft, which are scheduled for delivery between May and October 2013.
According to a Fitch research report, the Airbus A321-200s in the transaction have "reinforced structures" and higher thrust engines: one aircraft with V2533-A5 from International Aero Engines and six with CFM56-5B3P from CFM International.
Also, Fitch notes the A321-200s feature higher maximum takeoff weights (MTOW) of approximately 93,000 tonnes, versus a MTOW of 89,000, or less, in the standard versions. The units also feature two additional centre tanks for fuel.
Fitch gives "merit to the two enhancements" but "makes more conservative assumptions" compared with industry sources when making adjustments on the fleet. No adjustments have been made to the A330-200s, powered by Trent 772B-60 from Roll-Royce, says Fitch.
Fitch assigned an "A-" rating to the $364.9 million class A certificates with an expected maturity of June 2025, while the $111.8 million class B certificates that expire in June 2021 were rated "BB-".
"The A321-200s are US Airway's preferred variant within the A320 family to replace the aging narrowbody fleet, mostly classic 737s, while the A330-200s are being inducted to support its service into key international business markets," says Fitch.
The A and B tranches each have a dedicated liquidity facility provided by Landesbank Hessen-Thueringen Girozentrale (Helaba). The liquidity facility is intended to cover three consecutive coupon payments over a period of 18 months in a potential default scenario.