By Andrea Heisinger
Omaha, Sept. 20 - Southwest Airlines Co. priced $500 million of Class A and B pass through certificates due 2022 late Wednesday, a market source said.
The $412,100,000 of 6.15% Class A certificates (Aa3/AA-) priced at par. There is a make-whole call at Treasuries plus 30 basis points.
The $87,900,000 of 6.65% Class B certificates (Baa1/A) priced at par. There is a make-whole call at Treasuries plus 40 bps.
The average life for both tranches is 9.8 years.
Class A is backed by a $38.02 million liquidity facility.
Bookrunners were Morgan Stanley & Co., Inc. and Citigroup Global Markets Inc.
Southwest is a Dallas-based low-cost airline.
| Issuer: | Southwest Airlines Co.
|
| Issue: | Pass through certificates
|
| Amount: | $500 million
|
| Final distribution: | Aug. 1, 2022
|
| Average life: | 9.8 years
|
| Bookrunners: | Morgan Stanley & Co., Inc., Citigroup Global Markets Inc. |
|
| Trade date: | Sept. 19
|
| Settlement date: | Oct. 3
|
|
|
| Class A certificates
|
| Amount: | $412,100,000
|
| Coupon: | 6.15%
|
| Price: | Par
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
|
|
| Class B certificates
|
| Amount: | $87,900,000
|
| Coupon: | 6.65%
|
| Price: | Par
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
