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Updated: 2008 Deals of the Year: North America, Latin America and Editor's Awards
12 March 2009
The 2008 Deal of the Year Awards continue. Today we unveil the North America, Latin America and Editor's winners.
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[Deals of the Year]
We are announing 2008's Deal of the Year Awards each day this week. Yesterday we looked at the Europe, Engine and Middle East awards. Today is the turn of the North America, Latin America and Editor's winners.
North America Deal of the Year: Southwest Airlines $600 million loan
Borrower: Southwest Airlines
Amount: $600 million
Assets: 21 737-800s
Pricing: 95 basis points over Libor
Arranger and structuring agent: Citi
Lenders: Commerzbank, DekaBank, Norddeutsche Landesbank Girozentrale, Landesbank Baden-Wurttemberg, Landesbank Hessen-Thuringen, BNP Paribas, ING Bank
Lawyers: Vinson & Elkins (Southwest), Milbank (lenders)
In 2008, when the bond market closed, Southwest got on an aircraft and flew to Europe to ask for $400 million. During the trip Southwest and its adviser, Citi, increased the size of the deal from $400 million to $600 million, with seven banks participating in the syndicate.
“We weren’t totally surprised that there was more appetite there,” says Scott Topping, treasurer, Southwest Airlines....
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