Company Watch - US Airways.Apr 2, 2007 US Airways completes debt refinancing. Mar 27, 2007 US Airways Group US Airways Group Inc. NYSE: LCC is the Tempe, Arizona-based airline holding company that operates US Airways, US Airways Express and America West Airlines. It also operates additional companies that provide associated services. yesterday completed a $1.6 billion, seven-year debt refinancing transaction arranged by Citigroup Global Markets and Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Senior Funding that it said will improve "liquidity
over the next seven years by reducing principal payments and lowering
near-term interest expense." Upon finalization of the refinancing,
US extinguished a $1.25 billion senior secured credit facility and a
$325 million unsecured debt Unsecured debtDebt that does not identify specific assets that the debtholder is entitled to in case of default. facility. The additional $25 million made available by the loan will be used for "general corporate purposes." The refinancing will reduce the company's debt amortization by approximately $92 million annually in 2008-10 and $1.234 billion in 2011. In addition, interest expenses will be lowered by approximately $14 million in 2007 and $13 million in 2008. Senior VP and CFO See Chief Financial Officer. Derek Kerr said the refinanced loan allows the carrier to "meet our primary objectives of reducing borrowing costs, deferring debt maturities and reducing our covenant package." Mar 27, 2007 US Airways executives position carrier for future Executives at US Airways are working to move US Airways and America West to a single operating certificate Operating certificate is a category of license issued by a government agency allowing an individual or company to provide a controlled type of service. These certificates are generally issued for a limited time period. . Their goals also include replacing older planes, negotiating new labor agreements, improving service and adding foreign destinations. Mar 26, 2007 US Airways named former American Eagle and Polar Air Cargo Polar Air Cargo is an American cargo airline based in Purchase, New York, USA. It operates scheduled all-cargo services to Asia, Europe, Australia, New Zealand and the Americas. Its main base is John F. President Robert Martens as senior VP and president of US Airways Express US Airways Express is an airline brand name, rather than a fully certificated airline, and as such, the US Airways Express name is used by several individually owned airlines or airline holding companies which provide regional airline and commuter service for US Airways. . Martens, 61, will have direct oversight of US's Piedmont Airlines and PSA Airlines subsidiaries. Mar 28, 2007 US Airways' 'bigger' cutover (communications, networking) cutover - /cut-ov*/ Switching from an old (hardware and/or software) system to a replacement system, covering the overlap from when the new system is live until the old system has been shut down. problem was complexity of closing flights News from Travel Technology Update: The merging of the US Airways and America West reservations systems got a lot of attention because of the check-in problems that resulted in long lines at Philadelphia and Charlotte, but the "larger issue was the processing for closing a flight," US Airways president Scott Kirby said. Mar 27, 2007 Editor: Aram Gesar, eMail: edit@AirGuideOnline.com For Air Transport & Travel Business Experts contact eMail: bizintel@AirGuideOnline.com For more global news, reviews, features and analysis, please subscribe to our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com AirGuideFlightTracker is a new, free service that aims to keep travelers informed flight and airport status via the Web. For more go to http://www.airguideonline.com/airline_tracker.htm Copyright [c] 2007 Air Travel Media / Pyramid Media Group. All rights reserved. Mar 26, 2007 |
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