Hawaiian secures A330 funding from CIC and DVB

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Hawaiian Airlines has secured a senior debt loan from DVB Bank SE and Crédit Industriel et Commercial (CIC) covering an Airbus A330-200 aircraft.

The Rolls-Royce Trent 772B-60EP powered aircraft (MSN 1422) is scheduled to be delivered this June.

The transaction represents DVB and CIC's first direct debt financing for Hawaiian. DVB acted as lead mandated arranger while Seabury Advisors acted as debt placement advisor for the airline. The documentation is closed.

Vedder Price acted as counsel to the lender, while Akin Gump acted as counsel for the borrower.

Hawaiian has budgeted $450 million in capital expenditures this year and has received $247 million in financings for three aircraft scheduled through to June.

The other two A330s scheduled for the first half of 2013 come under a three-aircraft sale and leaseback transaction with Hong Kong Aviation Capital. The first aircraft (MSN 1310) closed in May 2012, while the second (MSN 1389) is expected to be delivered next month. The final unit is due in April.

Under the terms of the agreement, the aircraft will be operated for a period of 12 years with the option to extend by an additional 24 months.