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Hawaiian Airlines starts tender offer, solicitation for certificates
Chicago, Sept. 23 – Hawaiian Airlines, Inc., a wholly owned subsidiary of Hawaiian Holdings, Inc., started a cash tender offer for any and all of two series of pass-through certificates and related consent solicitations on Thursday, according to a press release.
The airline is offering to buy any and all of the 7 3/8% series 2020-1A pass-through certificates due 2027 (Cusips: 41983PAA7, U2468PAA0) and the 11¼% series 2020-1B pass-through certificates due 2025 (Cusips: 41983PAB5, U2468PAB8).
For both series, the company is offering a total consideration of $1,170 per $1,000 certificate. The consideration includes a $30 early tender premium if holders tender by the early deadline.
Accrued interest will also be paid to the relevant settlement date.
The company is also soliciting consents from holders of a majority of the outstanding pool balance of each series of certificates (voting as separate classes) to some proposed amendments and holders of a majority of the aggregate pool balance outstanding of both series of certificates (voting as a single class) to some proposed amendments that would, among other things, eliminate some covenants related to the equipment notes and certificates.
Tendering holders will be deemed to have given consent. Holders can also consent without tendering their certificates.
The early deadline and the withdrawal deadline are 5 p.m. ET on Oct. 6.
The offer expires at 11:59 p.m. ET on Oct. 21.
Settlement is expected two business days after either the early deadline or the final deadline.
Funding for the offers will come from cash on hand.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is the dealer manager and the solicitation agent in the tender offers and consent solicitations.
Global Bondholder Services Corp. (212 430-3774, 866 807-2200, contact@gbsc-usa.com) is the tender and information agent.
Hawaiian is a Honolulu-based commercial airline.
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