As previously announced as a possibility, US Airways has added a $100million C tranche to its enhanced equipment trust certificates issuance (Series 2012-2C).
Goldman Sachs is sole structuring agent and sole bookrunner.
The $100million, which finances seven A321-200 aircraft and four A330-200 aircraft, achieves an 86.7% LTV with a coupon of 5.45%, a 454bp spread – a new low for subordinate tranches. The 5 year bond will be rated B3 by Moodys, B by Standard & Poor’s and BB by Fitch. Unlike the previous A and B notes, the Class C tranche will not benefit from a liquidity facility.
The deal is due to close on June 6.
US Airways EETC C tranche prices at sub-600bps
