2nd September 2024 – Hawaiian Airlines took delivery of its latest Boeing 787-9 Dreamliner in March and PK Air Finance provided the senior debt for the aircraft, while Novus’ Cedar Aviation Finance extended a junior mezzanine loan.
The financing supports Hawaiian Airlines’ strategy to expand its long-haul fleet and enhance its service offerings on key routes. The Boeing 787-9 Dreamliner, known for its fuel efficiency and passenger comfort, is set to bolster the airline’s capacity and operational efficiency.
“PK Air Finance and Novus’s Cedar Aviation Finance have been great partners as we prepare for an exciting growth phase with a 787-9 product that combines superior guest comfort with our unparalled Hawaiian hospitality,” said Shannon Okinaka, Executive Vice President and Chief Financial Officer at Hawaiian Airlines.
“We are pleased to serve as a capital partner to Hawaiian Airlines and to have worked with Novus Aviation Capital on this 787-9 financing,” said Eelco van de Stadt, President of PK Airfinance. “This transaction is another example of PK’s ability to provide bespoke capital solutions to a wide range of market participants across the global aviation industry, creating accretive transactions for our counterparties. We look forward to continuing our relationship with Hawaiian to provide greater financial flexibility and support their long-term objectives.”
“We are delighted to welcome Hawaiian Airlines amongst our partner airlines and are pleased to have worked with PK Air Finance on this important transaction,” said Mamoun Kuzbari, Chief Commercial Officer at Novus Aviation Capital. “The addition of this 787 underscores the capabilities of Cedar Aviation Finance to deliver tailored financial solutions that meet the specific needs of our airline customers. We look forward to continuing our collaboration with PK Air Finance to support the growth of Hawaiian Airlines.”
About Hawaiian Airlines
Now in its 95th year of continuous service, Hawaiian is Hawaiʻi’s largest and longest-serving airline. Hawaiian offers approximately 150 daily flights within the Hawaiian Islands, and nonstop flights between Hawaiʻi and 16 U.S. gateway cities – more than any other airline – as well as service connecting Honolulu and American Samoa, Australia, Cook Islands, Japan, New Zealand, South Korea and Tahiti.
Consumer surveys by Condé Nast Traveler and TripAdvisor have placed Hawaiian among the top of all domestic airlines serving Hawaiʻi. The carrier was named Hawaiʻi’s best employer by Forbes in 2022 and has topped Travel + Leisure’s World’s Best list as the No. 1 U.S. airline for the past two years. Hawaiian has also led all U.S. carriers in on-time performance for 18 consecutive years (2004-2021) as reported by the U.S. Department of Transportation.
About PK Air Finance
PK Airfinance is a premier specialized aircraft and aircraft engine lending business with deep expertise in the aviation finance sector. Its comprehensive origination, underwriting, structuring and syndication capabilities are delivered by a team of experienced professionals, whose extensive experience in varied products and geographies was built over several decades and industry cycles.
About Novus Aviation Capital
Novus, was established in 1994 as an independent, privately-held aircraft leasing platform, focused on investing in commercial aircraft assets. The Novus team operates out of its five global offices in the Middle East, Europe and Asia and is active in operating and finance leases, mezzanine and junior debt as well as third-party aircraft remarketing, servicing and advisory services.
Visit www.novus.aero for more information
