The unregistered offering of $800 million in aggregate principal of Senior Secured Notes due 2026 will be offered by two newly formed company subsidiaries including Hawaiian Brand Intellectual Property, Ltd. and HawaiianMiles Loyalty, Ltd.
On Tuesday (January 26, 2021), Hawaiian Airlines, Inc. a wholly-owned subsidiary of Hawaiian Holdings, Inc., announced the launch of an offering by loyalty and brand subsidiaries of $800 million in Senior Secured Notes due in 2026. The notes offering is being made by two newly formed wholly-owned or indirectly wholly-owned subsidiaries of the company including Hawaiian Brand Intellectual Property, Ltd. and HawaiianMiles Loyalty, Ltd. The issuers of the notes intend to lend the net proceeds to the company and the notes are guaranteed by Hawaiian Airlines, Inc., and certain subsidiaries. The secured notes will, in part, be secured by a first-priority lien on the HawaiianMiles loyalty program and substantially all of the company’s brand intellectual property.
Hawaiian Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 16 years (2004-2019). The carrier has been in business for 92 years and is Hawai’i’s largest and longest-serving airline. Prior to the pandemic, Hawaiian offered more nonstop connectivity between Hawai’i and the U.S. mainland, serving 13 gateways. The carrier also connects the islands with Japan, South Korea, Australia, American Samoa and Tahiti.
Update: January 28, 2021
Hawaiian Airlines announced an upsizing of their offering by brand loyalty and brand subsidiaries Senior Secured Notes due 2026. The aggregate amount of the offer has been increased from $800 million to $1.2 billion for the 5.75% Senior Secured Notes.
Source: Hawaiian Airlines