By Andrea Heisinger
New York, Nov. 17 - Continental Airlines, Inc. sold $427.151 million of class A and B pass-through certificates, series 2010-1, on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The $362.659 million of 4.75% class A certificates (Baa2/A-) due 2022 priced at par to yield 4.75% with a spread of Treasuries plus 263 basis points. They have a final expected distribution date of Jan. 12, 2021 and have an initial average life of 7.4 years.
The $64.492 million of 6% class B certificates (Ba2/BBB-) due 2020 sold at par to yield 6% with a spread of 453.3 bps over Treasuries. They have a final distribution on Jan. 12, 2019 and an initial average life of 4.7 years.
Both certificates are callable at a make-whole amount of 50 bps over Treasuries.
Morgan Stanley & Co. Inc., Credit Suisse Securities USA LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners for both certificates.
Proceeds are being used to purchase three Boeing aircraft for delivery between December 2010 and March 2011, to purchase three Boeing aircraft for delivery between December 2010 and April 2011 and to refinance 12 aircraft.
The commercial airline is based in Houston.
| Issuer: | Continental Airlines, Inc.
|
| Issue: | Pass-through trust certificates, series 2010-1
|
| Amount: | $427.151 million
|
| Bookrunners: | Morgan Stanley & Co. Inc., Credit Suisse Securities USA LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Trade date: | Nov. 17
|
| Settlement date: | Dec. 2
|
|
|
| Class A certificates
|
| Amount: | $362.659 million
|
| Final distribution: | Jan. 12, 2021
|
| Maturity: | July 12, 2022
|
| Initial average life: | 7.4 years
|
| Coupon: | 4.75%
|
| Price: | Par
|
| Yield: | 4.75%
|
| Spread: | Treasuries plus 263 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
|
|
| Class B certificates
|
| Amount: | $64.492 million
|
| Final distribution: | Jan. 12, 2019
|
| Maturity: | July 12, 2020
|
| Initial average life: | 4.7 years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | Treasuries plus 453.3 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
