Appraisers differed by as much as $14 million in their base values estimation for a new Airbus A330-200 that will deliver to Hawaiian Airlines in November this year.
AISI, Ascend and BK Associates were asked to offer opinions for a portfolio of six future delivery A330-200s powered by Rolls Royce Trent 772B-60EP engines, at 524,700 lb. maximum take-off weight.
The November delivery (MSN 1469) was valued at $110.1 million by AISI and $96.1 million by BK Associates. Ascend's current base full-life value was $102 million. Hawaiian opted for a $102 million appraised value and say the principal amount of equipment notes is $76.1 million.
Next year's January and February deliveries have base values of $94.5 million for BK Associates and $103.1 million for Ascend. AISI has the highest opinion with a $110.5 million valuation.
Discrepancy on an October 2014 delivery almost reached 15% with BK Associates valuing the new aircraft at $97.6 million while AISI has a $112.1 million base value.
BK Associates valued an April 2014 delivery as the same for a June 2014 delivery, $96.85 million. Ascend estimates the base value of next year's delivery will stay at $103.7 million.
Honolulu-based Hawaiian closed the $444.5 million 2013-1 secured enhanced equipment trust certificate (EETC) issue for six Airbus A330-200s last week. 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.
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.
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.