Hawaiian Airlines said Monday it has paid off loans that would have come due next year, and secured an expanded line of credit worth as much as $75 million during the next four years.
Wells Fargo Capital Finance Inc. is among those offering the line of credit, which will be secured by certain ground equipment, aircraft, spare engines and account receivables, according to a statement from the airline.
Hawaiian Airlines Executive Vice President and CFO Peter Ingram said in the statement that the company is also discussing borrowing alternatives for aircraft deliveries for next year and onward. Hawaiian has added three Airbus A330-200 aircraft to its fleet this year and has 13 planes scheduled to be delivered through 2015; in 2017, it is expected to begin receiving six extra-wide body Airbus aircraft, according to the statement.
Hawaiian Airlines is a subsidiary of Hawaiian Holdings Inc. (Nasdaq: HA) and is the second-largest airline serving the islands, according to PBN reseach.
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