Hawaiian Airlines closed its $444.5 million enhanced equipment trust certificates (EETC) issue today, marking the carrier's first foray into secured debt capital markets.
The 2013-1 issue finances six new Airbus A330-200s with deliveries from this November through October 2014. It is split between a $328.3 million 14-year senior A tranche with a 3.9% coupon and a $116.3 million 10-year subordinate B tranche with a 4.95% coupon.
Honolulu-based Hawaiian has 12 A330-200s in its widebody fleet, as well as 15 Boeing 767-300ERs, according to Flightglobal's Ascend Online database. It has orders for 10 A330s, including the six that were financed with the EETC, and six Airbus A350-800s.
Citi, Goldman Sachs and Morgan Stanley acted as joint bookrunners on the notes. Natixis was liquidity provider and depositary, and JP Morgan and Wells Fargo were co-managers. Wilmington Trust is the trustee.