Alaska Air issues $1.25B senior secured notes and $750M term loan backed by Mileage Plan; retires Hawaiian debt

ALASKA AIR GROUP, INC.

Issued $625M 5.021% Senior Secured Notes due 2029 and $625M 5.308% Senior Secured Notes due 2031, secured by Mileage Plan collateral.
Entered $750M senior secured term loan facility (New Term Loan Facility) on pari passu basis with the notes; fully drawn.
Satisfied and discharged Hawaiian 5.750% 2026 and 11.000% 2029 senior secured notes by depositing sufficient funds for redemption.
Intends to prepay approximately $513.2M of existing Hawaiian Airlines debt, expected completion in October 2024.
HawaiianMiles assets not initially included in collateral; Hawaiian Holdings entities do not guarantee the notes.

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