STB Represents Northwest Airlines in $454 Million Aircraft Financing
10.15.07
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The Firm represented Northwest Airlines in a $454 million public offering of Enhanced Equipment Trust Certificates (EETCs) to finance the acquisition of 27 new 76-seat Embraer 175LR aircraft. Morgan Stanley, Citigroup and JPMorgan served as joint bookrunners. This was the largest EETC financing for aircraft to be flown by a regional airline, Northwest’s new subsidiary, Compass Airlines. Northwest is only the second airline to complete an EETC financing since the credit markets were disrupted in late summer. Northwest has options for 100 more E-175s.
Lawyers involved in the transaction include Steve Feder, George Miller, Terryl Simeina, Bryan Tollin, Won Sun Jung, Amar Qari and Jim Gao (Corporate) and Jeanne Annarumma and Wonda Joseph (ERISA).