Hawaiian Air parent changes plan for government aid, to borrow more money but issue more warrants [MarketWatch]
Hawaiian Holdings, Inc. (HA)
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Source: MarketWatch
Hawaiian Airlines parent Hawaiian Holdings Inc. disclosed Monday that it changed its plans regarding participation in the government's Economic Relief Program under the CARES Act, to receive a larger loan but also provide more warrants to buy the company's stock. The air carrier said it is now seeking a 5-year interest-bearing loan of $364 million, with the collateral to be determined later. Hawaiian said that obligates it to issue warrants for the government to buy up to 6.7% of the company's outstanding shares at $11.82 a share, which is 2.7% above Friday's closing price of $11.51. Previously, the company said that under the Payroll Support Program under the CARES Act, it expected to receive $290 million, of which $57 million would have been an interest-bearing loan that matures in 10 years, which would've obligated the company to issue warrants to buy 1% of the shares outstanding. The new plan requires Hawaiian to maintain employment levels as of March 24 until Sept. 30 not less th
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