Hawaiian Airlines has secured a three-year $175.0 million revolving credit and letter of credit facility. The facility, arranged by Citibank, carries a margin of Libor+300bps.
The credit agreement includes the option for Hawaiian to grant liens on certain eligible account receivables, eligible aircraft, eligible spare engines and eligible ground support equipment, as well as cash and certain cash equivalents in order to secure its outstanding obligations under the facility. For now, however, the facility is unsecured.