By Andrea Heisinger
New York, June 17 - Continental Airlines, Inc. priced $389.687 million 9% class A pass-through certificates due 2018, according to an FWP filing with the Securities and Exchange Commission.
The certificates (Baa2/A-/) priced at par and have an initial average life of 5.9 years. The final expected distribution date is July 8, 2016, and they have a make-whole spread of Treasuries plus 75 basis points.
Morgan Stanley & Co. Inc., Goldman Sachs & Co. and Calyon Securities were the bookrunners.
Proceeds will be used to finance the purchase of five new aircraft and refinance 12 others bought between 1998 and 1999.
The commercial airline is based in Houston.
| Issuer: | Continental Airlines, Inc.
|
| Issue: | Class A pass-through certificates
|
| Amount: | $389.687 million
|
| Maturity: | Jan. 8, 2018
|
| Distribution date: | July 8, 2016
|
| Average life: | 5.9 years
|
| Bookrunners: | Morgan Stanley & Co. Inc., Goldman Sachs & Co., Calyon Securities
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | Make-whole at Treasuries plus 75 bps
|
| Trade date: | June 16
|
| Settlement date: | July 1
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
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