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Southwest Airlines takes action against backdrop of reduced travel demand and tight credit markets


Southwest closed its previously announced private placement of USD400 million of its Senior Secured Notes due 2011 on 30-Dec-08. The notes are secured by a “first priority perfected security interest” in a specified pool of 17 B737-700 aircraft granted under a single mortgage. [1215 words]

Unlock the following content in this report:


  • Closes second of a two tranche sale and leaseback transaction
  • Declares 130th consecutive quarterly dividend; Board member resigns
  • Dec-08 load factor improves on capacity reductions after six months of year-on-year reductions
  • To shrink for first time in 23 years in 1Q09
  • Sector length on the rise
  • Continues California and Nashville expansion

Graphs and data:

  • Southwest Fuel Hedging Programme: as at Sep-08
  • Southwest monthly passenger traffic (millions) and load factor (%): 12 months to 31-Dec-07 vs 12 months to 31-Dec-08
  • Southwest capacity (ASKs) growth: Jan-04 to Dec-08
  • Southwest B737 aircraft delivery schedule: 2009 to 2014
  • Southwest sector length: Mar-04 to Dec-08
  • Southwest departure by sector length: Jan-09
  • Southwest key 30 bases in terms of capacity (seats): Week commencing 19-Jan-09
  • John Wayne Airport capacity share by carrier (seats per week as % of total): Week commencing 19-Jan-09
  • Southwest direct services from Nashville: Jan-09
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