Alaska Air launches loyalty-backed notes offering to refinance Hawaiian debt; pro forma net loss $137M

ALASKA AIR GROUP, INC.

Launched private offering of senior secured notes due 2029 and 2031 by AS Mileage Plan IP Ltd., secured by Mileage Plan collateral.
Proceeds together with new Term Loan B due 2031 will redeem Hawaiian's 11.000% notes due 2029 and 5.750% notes due 2026.
Unaudited pro forma combined net loss of $137M for six months ended June 30, 2024 and $111M for year ended December 31, 2023.
Merger with Hawaiian closed on September 18, 2024; cash consideration of $18 per share totaling $936M for 52M shares.
Intercompany loan from proceeds will support Alaska Airlines' liquidity and general corporate purposes.

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