Hawaiian Airlines launched a $444.5 million secured enhanced equipment trust certificate (EETC) issue for six Airbus A330-200s today, its first such deal.
The 2013-1 notes are split between a $328.3 million A senior tranche with a July 2027 maturity and a $116.3 million B tranche with a July 2023 maturity. They are backed by the six aircraft, which have deliveries from this November through October 2014.
The initial loan to aircraft value ratios are 52.8% for the A notes and 71.5% for the B notes.
The A tranche is rated Ba1/BBB+/A- by Moody's, Standard & Poor's (S&P) and Fitch Ratings, respectively, and the B tranche B1/BB-/BB by the agencies.
Honolulu-based Hawaiian is the second new issuer to enter the EETC market this year, following Air Canada's $714.5 million deal that closed earlier in May.
Financing for the carrier's previous A330 deliveries has included sale and leasebacks, and bank debt. Lessors have included Hong Kong Aviation Capital (HKAC), and lenders included BNP Paribas, Crédit Industriel et Commercial (CIC), DVB Bank and Nord/LB.
Citi, Goldman Sachs and Morgan Stanley acted as joint bookrunners on the 2013-1 deal. Natixis was liquidity provider and depositary, and JP Morgan and Wells Fargo were co-managers. Wilmington Trust is the trustee.