Hawaiian Airlines, Inc. has announced the early exchange results of its private exchange offer for its outstanding 5.750% senior secured notes due 2026 and consent solicitation. As of the early exchange time of 5:00 p.m., New York City time, on July 9, 2024, a total of $1,110,278,214 aggregate principal amount of the existing notes had been validly tendered and not validly withdrawn in the exchange offer. This represents approximately 92.5% of the outstanding principal amount of the existing notes.
The exchange offer and consent solicitation is conditioned upon the satisfaction or waiver of the conditions set forth in the exchange offer materials, including eligible holders tendering and not withdrawing at least $1,140,000,000 aggregate principal amount of existing notes (the “minimum participation condition”). However, the issuers have waived the minimum participation condition and will accept the existing notes tendered on or prior to the early exchange time at or around July 26, 2024 (the “settlement date”).
The total exchange consideration, which includes the early exchange payment of $50.0 in cash per $1,000 principal amount of existing notes, will result in a payment on the settlement date of $825.0 of new notes and $175.0 in cash for every $1,000 principal amount of existing notes tendered.
The exchange offer remains open and is scheduled to expire at 5:00 p.m., New York City time, on July 24, 2024, unless extended or earlier terminated by the issuers (the “expiration time”). Existing notes that have been tendered or that may be tendered prior to the expiration time may not be withdrawn.
The exchange offer and consent solicitation is being made only to eligible holders upon the terms and subject to the conditions set forth in the offering memorandum and the related letter of transmittal, each dated June 24, 2024.
Hawaiian Airlines, Inc. is the largest and longest-serving airline in Hawaii, offering approximately 150 daily flights within the Hawaiian Islands and nonstop flights between Hawaii and 16 U.S. gateway cities. The company has received accolades for its service, including being named Hawaii's best employer by Forbes in 2022 and topping Travel + Leisure’s world’s best list as the No. 1 U.S. airline for the past two years. Following these announcements, the company's shares moved 6.1%, and are now trading at a price of $13.8. Check out the company's full 8-K submission here.
