HONOLULU, July 29, 2020 /PRNewswire/ -- Hawaiian Airlines,
Inc. ("Hawaiian") a wholly owned subsidiary of Hawaiian Holdings,
Inc. (the "Company") (Nasdaq: HA), today announced the pricing of
its offering of Enhanced Equipment Trust Certificates (the
"Certificates") which will be used to obtain financing secured by
eight Airbus aircraft.
The offering is comprised of $216,976,000 Class A Certificates and
$45,010,000 Class B
Certificates. Each class of Certificates represents an
interest in its respective pass through trust. The trusts will use
the proceeds from the offering to acquire equipment notes that will
be secured by six Airbus A321-200neo and two Airbus A330-200
aircraft.
The two tranches of Certificates will have a weighted average
interest rate of 7.85%.
The Class A Certificates will have an interest rate of 7.375%
per annum and a final expected distribution date of September 15, 2027. The Class B Certificates will
have an interest rate of 11.25% per annum and a final expected
distribution date of September 15,
2025.
The offering is scheduled to close on August 5, 2020, subject to customary closing
conditions. Hawaiian will receive net proceeds after
transaction fees of approximately $259,366,140.
The Company will fully and unconditionally guarantee the payment
obligations of Hawaiian under the equipment notes.
The Certificates are being offered and sold only to persons
reasonably believed to be qualified institutional buyers, as
defined in, and in reliance on, Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act") and to non-U.S. persons
in offshore transactions outside the
United States in reliance on Regulation S under the
Securities Act. The Certificates will not be registered under
the Securities Act or any other securities laws of any jurisdiction
and will not have the benefit of any exchange offer or other
registration rights. The Certificates may not be offered or sold in
the United States absent
registration or an applicable exemption from registration
requirements.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Certificates nor shall
there be any sale of the Certificates in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Hawaiian Airlines
Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings,
Inc. (NASDAQ: HA). Additional information is
available at HawaiianAirlines.com. Follow
Hawaiian's Twitter updates (@HawaiianAir), become a fan on Facebook
(Hawaiian Airlines), and follow us on Instagram (hawaiianairlines).
For career postings and updates, follow
Hawaiian's LinkedIn page.
For media inquiries, please visit Hawaiian
Airlines' online newsroom.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that reflect the Company's current views with respect to certain
current and future events and financial performance. Such
forward-looking statements include, without limitation, the
Company's business plans and ability to successfully emerge from
the COVID-19 pandemic; the Company's response to developments
related to the COVID-19 pandemic; the Company's efforts to minimize
cash outflow, mitigate the effects of declining demand and increase
liquidity; expectations regarding available seat miles for the
months of July and August 2020 and
the Company's operating expenses in the third quarter of 2020; and
statements as to other matters that do not relate strictly to
historical facts or statements of assumptions underlying any of the
foregoing. Words such as "expects," "anticipates,"
"projects," "intends," "plans," "believes," "estimates," variations
of such words, and similar expressions are also intended to
identify such forward-looking statements. These
forward-looking statements are and will be subject to many risks,
uncertainties and assumptions relating to the Company's operations
and business environment, all of which may cause the Company's
actual results to be materially different from any future results,
expressed or implied, in these forward-looking statements.
These risks and uncertainties include, without limitation, the
continuing and developing effects of the spread of COVID-19 on the
Company's business operations and financial condition; whether the
Company's cost-cutting plans related to the COVID-19 pandemic will
be effective or sufficient; the duration of government-mandated and
other restrictions on travel; the full effect that the quarantine,
restrictions on travel and other measures to limit the spread of
COVID-19 will have on demand for air travel in the markets in which
the Company operates; fluctuations and the extent of declining
demand for air transportation in the markets in which the Company
operates; the Company's dependence on the tourism industry; the
Company's ability to generate sufficient cash and manage its
available cash; the Company's ability to accurately forecast
economic volatility; macroeconomic developments; political
developments; the price and availability of aircraft fuel; labor
negotiations; regulatory determinations and related developments;
competitive pressures, including the impact of industry capacity
between North America and Hawai'i
and interisland; changes in the Company's future capital needs; and
foreign currency exchange rate fluctuations.
The risks, uncertainties and assumptions referred to above that
could cause the Company's results to differ materially from the
results expressed or implied by such forward-looking statements
also include the risks, uncertainties and assumptions discussed
from time to time in the Company's other public filings and public
announcements, including the Company's Annual Report on Form 10-K
and the Company's Quarterly Reports on Form 10-Q, as well as other
documents that may be filed by the Company from time to time with
the Securities and Exchange Commission. All forward-looking
statements included in this document are based on information
available to the Company on the date hereof. The Company does
not undertake to publicly update or revise any forward-looking
statements to reflect events or circumstances that may arise after
the date hereof even if experience or future changes make it clear
that any projected results expressed or implied herein will not be
realized.
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SOURCE Hawaiian Holdings, Inc.