Hawaiian Airlines Announces Closing of $444,540,000 Aircraft Financing under Enhanced Equipment Trust Certificates

Successful Securities Transaction Prefunds Planned Widebody Deliveries Until 2015


HONOLULU, May 29, 2013 /PRNewswire/ -- Hawaiian Airlines, Inc. (the "Company"), a wholly owned subsidiary of Hawaiian Holdings, Inc. (NasdaqGS: HA), announced today the closing of its first-ever offering of Enhanced Equipment Trust Certificates ("EETC") securing fixed, low-interest financing for the acquisition of six new Airbus A330-200 aircraft delivering over the next 18 months.

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"This financing represents a significant landmark for Hawaiian and we are very pleased with the results," said Scott Topping, Chief Financial Officer.  "The fixed interest rates on each of the Class A and Class B certificates are the lowest ever achieved by an airline via a public EETC offering without an insurance wrap.  The offering opens a significant new source of future capital for Hawaiian and reflects our financial strength, the confidence that capital market investors have in our strategy and the enduring value of our investment in the Airbus aircraft." 

The $444,540,000 issuance is comprised of $328,260,000 of Class A Certificates, having an interest rate of 3.90% per annum and a final expected distribution date of January 15, 2026, and $116,280,000 of Class B Certificates, having an interest rate of 4.95% per annum and a final expected distribution date of January 15, 2022. 

As previously announced, each class of Certificates represents an interest in its respective pass through trust. The trusts will use the proceeds from the offering to acquire equipment notes that will be issued by the Company to finance the acquisition of six Airbus A330-200 aircraft, which will be added to the Company's fleet and are scheduled for delivery from November 2013 to October 2014.  The equipment notes will be secured by the six Airbus A330-200 aircraft being acquired.  Hawaiian Holdings, Inc. will fully and unconditionally guarantee the payment obligations of the Company under the equipment notes.

Cautionary Statement:

This press release contains forward-looking statements within the meaning of the federal securities laws.  These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the Company's strategy, the value of its aircraft investment and the availability of EETCs as a future source of capital, which could change as a result of market conditions or for other reasons, interest rates and corporate considerations and the impact of general economic, industry or political conditions in the United States or internationally.

Additional risks and uncertainties relating to the offering, the Company and its business can be found under the heading "Risk Factors" in the Annual Report on Form 10-K of Hawaiian Holdings, Inc. for the year ended December 31, 2012 and in the periodic report on Form 10-Q of Hawaiian Holdings, Inc. for the quarter ended March 31, 2013.  The Company does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

About Hawaiian Airlines

Hawaiian has led all U.S. carriers in on-time performance for each of the past nine years (2004-2012) as reported by the U.S. Department of Transportation. Consumer surveys by Conde Nast Traveler, Travel + Leisure and Zagat have all ranked Hawaiian the highest of all domestic airlines serving Hawai'i.

Now in its 84th year of continuous service, Hawaiian is Hawai'i's biggest and longest-serving airline, as well as the largest provider of passenger air service from its primary visitor markets on the U.S. mainland. Hawaiian offers nonstop service to Hawai'i from more U.S. gateway cities (11) than any other airline, along with service from Japan, South Korea, the Philippines, Australia, New Zealand, American Samoa, and Tahiti. New nonstop service will begin between Honolulu and Taipei, Taiwan on July 9, 2013 and, subject to government approvals, between Honolulu and Beijing, China in April 2014.  Hawaiian also provides approximately 160 jet flights daily between the Hawaiian Islands.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow updates on Twitter about Hawaiian (@HawaiianAir) and its special fare offers (@HawaiianFares), and become a fan on its Facebook page (Hawaiian Airlines).

SOURCE Hawaiian Airlines, Inc.

Investor Relations, Ashlee Kishimoto, Sr. Director (808) 838-5421, ashlee.kishimoto@hawaiianair.com, or Susan Donofrio, Sr. Director (908) 719-3206, susan.donofrio@hawaiianair.com; or

Media Relations, Keoni Wagner, VP - Public Affairs (808) 838-6778, keoni.wagner@hawaiianair.com