Alaska Air Group announces proposed Mileage Plan financing
Alaska Air Group, Inc. (the Company ) announced the launch of a proposed senior secured term loan facility, known as the Mileage Plan Financing, with an expected aggregate principal amount of $1.5 billion. The financing will be fully and unconditionally guaranteed by Alaska Airlines, Inc. and AS Mileage Plan Holdings Ltd., and partially secured by the Company s interest in Alaska s customer loyalty program. The proceeds from the Mileage Plan Financing will be used to fund a reserve account and a collection account. The latter will facilitate an intercompany loan to Alaska Airlines, which intends to use the funds to redeem outstanding debt from the merger with Hawaiian Airlines and support its liquidity position. The Mileage Plan Financing is a strategic move by Alaska Air Group to strengthen its financial position and support its operations. However, the Company acknowledges that the actual results and timing of certain events may differ from the forward-looking statements due to various risks and uncertainties, including competition, labor costs, economic conditions, supply chain risks, and changes in laws and regulations. Alaska Air Group is based in Seattle and operates subsidiaries Alaska Airlines, Hawaiian Holdings, Inc., Horizon Air, and McGee Air Services. The recent acquisition of Hawaiian Airlines has expanded the Company s reach to over 140 destinations across North America, Central America, Asia, and the Pacific. The Company is committed to safety, customer care, operational excellence, financial performance, and sustainability. Forward-looking statements in this press release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of the Mileage Plan Financing. For more information, visit the Company s website or review its filings with the Securities and Exchange Commission. SOURCE: Alaska Air Group, Inc. (PRNewswire)
Source: marketscreener.comPublished on 2024-09-23
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