Hawaiian completes financial plan for plane buys

Hawaiian Airlines said Wednesday it finalized its offering of $444.5 million in certificates that will enable the carrier to pay for six new Airbus A330 aircraft due to be delivered in the next 18 months.

The so-called Enhanced Equipment Trust Certificates, which are loans backed by the airplanes, will pay a fixed interest rate of either 3.9 percent or 4.95 percent depending on the class of certificate. The certificates are typically sold to large investment firms. Hawaiian did not identify the buyers.

Hawaiian, which made this type of offering for the first time, will own the aircraft when the notes mature.

The last note matures in 2026.

“This financing represents a significant landmark for Hawaiian and we are very pleased with the results,” Hawaiian Chief Financial Officer Scott Topping said in a news release. “The offering opens a significant new source of future

capital for Hawaiian and reflects our financial strength, the confidence that capital market investors have in our strategy and the enduring value of our investment in the Airbus aircraft.”