The parent company of Hawaiian Airlines, Hawaiian Holdings Inc., said Wednesday it had rearranged its loans to get $91 million more in refinancing.
Hawaiian Airlines (Amex: HA) now holds a $62.5 million Term A loan, a $72.5 million Term B loan and $25 million in revolving credit.
The money will help pay for four Boeing 767s, retrofitting of the aircraft, redemption of its convertible notes due 2010, and acquisition of more assets.
The airline expects to pay about $30 million for the aircraft it bought.
It will redeem outstanding notes worth $52 million later this month or in April using $54.6 million from the pot.
This, the airline says, would prevent the issuance of 12 million shares to holders of these notes and the resulting dilution of its stock.
The remainder of the $91 million would go toward asset acquisition, and if that doesn't come through in 120 days will be returned to the lenders, thus reducing the airline's principal borrowing.
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