05:18 PM EDT, 06/24/2024 (MT Newswires) -- Hawaiian Holdings' ( HA ) Hawaiian Airlines unit said Monday that Hawaiian Brand Intellectual Property and HawaiianMiles Loyalty started an exchange offer of 5.75% senior secured notes due 2026 for 11% senior secured notes due 2029 and cash.

Eligible holders who tender their existing notes by 5 p.m. New York time July 9 will receive $825 in new notes and $175 cash per $1,000 principal, while those tendering by 5 p.m. New York time July 24 will receive $825 in New Notes and $125 cash, according to Hawaiian Holdings ( HA ).

The company said the exchange offer is subject to $1.14 billion principal amount of notes validly tendered and not withdrawn.

Issuers hold the right to waive the minimum participation condition if holders tender $800 million to $1.14 billion notes and will not accept payment if validly tendered notes remain below $800 million, the company added.

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