Published on 10/27/2009 in the Prospect News Investment Grade Daily.
New Issue: Continental Airlines sells upsized $644.4 million class A, class B pass-throughs
By Andrea Heisinger
New York, Oct. 27 - Continental Airlines, Inc. sold an upsized $644,437,000 of class A and class B pass-through certificates late on Tuesday, according to a market source away from the sale.
Full terms were not available at press time.
The size was increased from $579,273,000 in order to purchase more aircraft, according to a supplemental FWP filing with the Securities and Exchange Commission.
The issue included $527,625,000 of 7.25% class A certificates (Baa2/A-/) that have a final distribution date of 2019.
There was also a $116,812,000 million tranche of 9.25% split-rated class B certificates (Ba2/BBB-/) that have a final distribution date of 2017.
The issues each have a make-whole call at Treasuries plus 75 bps.
Morgan Stanley & Co., Goldman Sachs & Co. and Credit Suisse Securities are bookrunners and structuring agents.
Proceeds are being used to finance nine new Boeing aircraft and to refinance eight existing aircraft.
The commercial airline is based in Houston.
| Issuer: | Continental Airlines, Inc.
|
| Issue: | Pass-through certificates
|
| Total amount: | $644,437,000, increased from $579,273,000
|
| Bookrunners: | Morgan Stanley & Co., Goldman Sachs & Co., Credit Suisse Securities
|
| Trade date: | Oct. 27
|
|
|
| Class A certificates
|
| Issue: | Class A pass-through certificates
|
| Amount: | $527,625,000, increased from $474,273,000
|
| Final distribution: | Nov. 10, 2019
|
| Coupon: | 7.25%
|
| Call: | Make-whole at Treasuries plus 75 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
|
|
| Class B certificates
|
| Issue: | Class B pass-through certificates
|
| Amount: | $116,812,000, increased from $105 million
|
| Final distribution: | May 10, 2017
|
| Coupon: | 9.25%
|
| Call: | Make-whole at Treasuries plus 75 bps
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
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