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Alaska Air | 8-K: Current report

SEC ·  Sep 24 20:56

Summary by Futu AI

On September 20, 2024, Alaska Air Group, Inc. entered into a new Revolving Credit Facility with an initial commitment of $850 million, which can be increased up to $1.25 billion. The facility, involving Alaska Airlines as the borrower and Citibank as the administrative agent, also includes Alaska's subsidiary Hawaiian Airlines as a guarantor. This facility replaces Alaska's previous credit agreement from 2010 and will mature on September 20, 2029. It has not been drawn upon as of the report date. The credit is secured by various assets, including route authorities, airport rights, and aircraft-related equipment. Additionally, Alaska Air Group announced the launch of a proposed Mileage Plan Financing with an expected principal amount of $1.5 billion, guaranteed by Alaska Airlines and secured by the Alaska Airlines Mileage Plan. The proceeds are intended to redeem debt from the merger with Hawaiian Airlines and for general corporate purposes. The company also recently completed the merger with Hawaiian Airlines, adding Hawaiian's debt obligations to its consolidated indebtedness.
On September 20, 2024, Alaska Air Group, Inc. entered into a new Revolving Credit Facility with an initial commitment of $850 million, which can be increased up to $1.25 billion. The facility, involving Alaska Airlines as the borrower and Citibank as the administrative agent, also includes Alaska's subsidiary Hawaiian Airlines as a guarantor. This facility replaces Alaska's previous credit agreement from 2010 and will mature on September 20, 2029. It has not been drawn upon as of the report date. The credit is secured by various assets, including route authorities, airport rights, and aircraft-related equipment. Additionally, Alaska Air Group announced the launch of a proposed Mileage Plan Financing with an expected principal amount of $1.5 billion, guaranteed by Alaska Airlines and secured by the Alaska Airlines Mileage Plan. The proceeds are intended to redeem debt from the merger with Hawaiian Airlines and for general corporate purposes. The company also recently completed the merger with Hawaiian Airlines, adding Hawaiian's debt obligations to its consolidated indebtedness.

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