Southwest Airlines Announces Redemption Of 2.650% Notes Due 2020
On September 15, 2020, Southwest Airlines Co. (LUV) announced the redemption of all outstanding 2.650% Notes due 2020, totaling $500 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
On September 15, 2020, Southwest Airlines Co. (LUV) announced the redemption of all outstanding 2.650% Notes due 2020, totaling $500 million. The total payment to noteholders will amount to approximately $505.52 million, covering principal and accrued interest. This redemption is scheduled for October 5, 2020, and will be funded using cash on hand. Post-redemption, the Notes will cease to be deemed outstanding. Wells Fargo Bank, N.A. is the trustee and paying agent for this transaction.
Positive
- Redemption of $500 million in Notes indicates strong cash position.
- The total payout of $505.52 million reflects the company’s commitment to managing its debt.
Negative
- None.
Details
News Market Reaction – LUV
The recorded move for LUV in the trading session of this news was +1.37%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
DALLAS, Sept. 15, 2020 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") today announced that it will redeem all of its outstanding
Wells Fargo Bank, N.A. is the trustee for the Notes and is serving as the paying agent for this transaction. Copies of the Notice of Redemption and additional information relating to the redemption of the Notes may be obtained from Wells Fargo Bank, N.A., Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, 7th Floor, Minneapolis, MN 55415, telephone: 1-800-344-5128.
About Southwest Airlines Co.
In its 50th year of service, Dallas-based Southwest Airlines Co. continues to differentiate itself from other air carriers with exemplary Customer Service delivered by more than 60,000 Employees to a Customer base topping 130 million passengers in 2019. Southwest became the nation's largest domestic air carrier in 2003 and maintains that ranking based on the U.S. Department of Transportation's most recent reporting of domestic originating passengers boarded. In peak travel seasons during 2019, Southwest operated more than 4,000 weekday departures among a network of 101 destinations in the United States and 10 additional countries. In early 2020, the carrier added service to Hilo, Hawaii, and Cozumel, Mexico for a total of 103 airports served.
View original content:http://www.prnewswire.com/news-releases/southwest-airlines-announces-redemption-of-2-650-notes-due-2020--301130478.html
SOURCE Southwest Airlines Co.
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