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Airlines

The Airline Industry Group is part of the Global Industrials group and actively covers passenger, cargo and charter airlines, plus related businesses such as airports, aircraft leasing, frequent flyer programs and aircraft maintenance. The Chicago and New York -based bankers are responsible for airlines-related activities throughout the Americas and, in conjunction with colleagues in London, deliver a seamless global investment banking presence.

Credit Suisse's Airline Industry bankers integrate strategic advisory services with a highly regarded structured aircraft finance capital markets team, market-leading high yield and leverage finance capital markets groups and an outstanding equity capital markets team to provide optimal solutions for our clients. Additional expertise in restructuring and derivatives rounds out the coverage model.

The Airline Industry Group's strategic advisory services span North and South America, with recent significant transactions outlined below:

• Virgin Galactic’s $390 million investment from Aabar (sole financial advisor to Virgin Galactic).
• Sale of AMR’s American Beacon financial subsidiary to TPG (sole financial advisor to AMR).
• $1.5 billion sale of Grupo Mexicana to Grupo Posadas (financial advisor to Cintra).
• Credit Suisse is currently acting as lead financial advisor to the City of Chicago in privatization of Chicago Midway International Airport - the first-ever privatization of a hub airport in the United States.

Credit Suisse has proven itself a leader in airline debt structures, particularly the enhanced equipment trust certificates (EETC), a highly structured aircraft financing product. Since the development of this product a decade ago, Credit Suisse has bookrun over $45 billion in EETC and related structured financings. Recent aircraft finance, high yield and leverage finance transactions include:

• Continental Airlines’ $644 mililon EETC (joint bookrunner).
• Boeing Capital Corporation’s $1.0 billion senior notes (lead bookrunner).
• $1.4 billion EETC for Delta Air Lines (joint bookrunner).
• $1.14 billion EETC for Continental Airlines (joint bookrunner and structuring agent).
• $693 million EETC for United Airlines (joint bookrunner).

The Airline Industry Group is also well-recognized in the equity capital markets throughout the Americas, with key recent transactions outlined below:

• Continental Airlines $230 million convertible notes (joint bookrunner).
• AMR’s $800 million common/convertible issue (co-manager).
• UAL’s $475 million common/convertible issue (co-manager).
• B&B Air's $430 million IPO(bookrunner).
• AMR's $503 million common equity follow-on (joint bookrunner).
• Brazilian low-cost carrier GOL's $100 million common equity follow-on (sole bookrunner).
• TAM's $721 million common equity follow-on and inaugural NYSE offering (joint bookrunner).

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