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Fitch rates Hawaiian Airlines 2020-1 notes A-, BB+
Fitch Ratings said it assigned an A- to the proposed $216.98 million of Hawaiian Airlines 2020-1 Pass-Through Trust class A certificates due 2027 and a BB+ to $45 million of class B certificates due 2025.
Hawaiian Airlines intends to raise about $262 million to finance a pool of eight aircraft. The proceeds of the transaction will be used to shore up Hawaiian’s liquidity.
“The collateral pool will consist of six Airbus A321-200neo aircraft delivered between May 2018 and August 2019, and two Airbus A330-200 aircraft delivered in April and June of 2013. Fitch considers the A321-200neo to be high-quality tier 1 aircraft. Fitch considers the A330-200 to be a tier 2 aircraft,” the agency said in a press release.
Also, the class A and B certificates benefit from an 18-month payment-in-kind feature. “The PIK feature offers coverage of three successive semi-annual interest payments,” Fitch said.
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