Alaska Air proposes $1.5B Mileage Plan financing, completes Hawaiian merger

ALASKA AIR GROUP, INC.

Launched $1.5B senior secured term loan facility and additional debt backed by Mileage Plan program.
Proceeds will redeem certain Hawaiian debt (including $985M 11.000% notes due 2029) and for general corporate purposes.
Entered new $850M revolving credit facility (expandable to $1.25B) maturing Sept 2029; no draws yet.
Completed merger with Hawaiian Airlines on Sept 18, assuming $6.3M 2026 Notes and $984.9M 2029 Notes.
New credit facility secured by route authorities, slots, aircraft, and other collateral; releases upon investment-grade rating.

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