Issuer Free Writing Prospectus
Filed pursuant to Rule 433(d)
Registration No. 333-163463
April 30, 2012
US Airways, Inc. (“US Airways”)
US Airways is increasing the size of the 2012-1 EETC transaction in order to finance more aircraft. This free writing prospectus sets forth the corresponding material changes to US Airways’s Preliminary Prospectus Supplement dated April 30, 2012 (the “Supplement”), relating to the Certificates referred to below, and should be read together with the Supplement and the accompanying Prospectus dated December 3, 2009. The information herein supersedes any inconsistent information set forth in the Supplement.
Aircraft to be Financed: | 14 total Aircraft, consisting of all eight (8) new Airbus A321-231 aircraft and all four (4) new Airbus A321-211 aircraft described in the Supplement, rather than only eight (8) of such new aircraft, as well as the other two (2) Airbus A321-231 aircraft currently owned by US Airways described in the Supplement. | |||
Aggregate Appraised Aircraft Value (1): | $726,494,757 | |||
Aggregate Face Amount: | $504,743,000 | |||
Initial Amount of Deposits: | $504,743,000 | |||
Securities: | Class A Pass Through Certificates, Series 2012-1 (“Class A Certificates”) | Class B Pass Through Certificates, Series 2012-1 (“Class B Certificates” and, together with the Class A Certificates, the “Certificates”) | ||
Face Amount: | $379,785,000 | $124,958,000 | ||
Initial LTV (cumulative) (1): | 52.2% | 69.4% | ||
Highest LTV (cumulative) (2): | 52.2% | 69.4% | ||
| (1) | Determined as of April 1, 2013, the first Regular Distribution Date after all aircraft are expected to have been financed pursuant to this Offering. |
| (2) | See “Loan to Value Ratios” below. |
Page 1
Equipment Notes and the Aircraft
The fourteen (14) Aircraft to be financed pursuant to this Offering will consist of eight (8) new Airbus A321-231 aircraft, four (4) new Airbus A321-211 aircraft and two (2) Airbus A321-231 aircraft currently owned by US Airways. The new aircraft will consist of eight (8) new Airbus A321-231 aircraft and four (4) new Airbus A321-211 aircraft scheduled to be delivered from September 2012 to March 2013. Set forth below is certain information about the Equipment Notes expected to be held in the Trusts and the Aircraft expected to secure such Equipment Notes:
Aircraft Type(1) | Registration Number | Manufacturer’s Serial Number | Delivery Month | Principal Amount of Equipment Notes | Appraised Value(2) | |||||||||
Airbus A321-231 | N538UW | 4050 | October 2009 | $ | 31,567,000 | $ | 45,690,000 | |||||||
Airbus A321-231 | N540UW | 4107 | December 2009 | 31,713,000 | 45,900,000 | |||||||||
Airbus A321-231 | N559UW | 5292 | September 2012 | 36,621,000 | 52,790,000 | |||||||||
Airbus A321-231 | N560UW | 5300 | September 2012 | 36,621,000 | 52,790,000 | |||||||||
Airbus A321-231 | N561UW | 5317 | October 2012 | 36,682,000 | 52,880,000 | |||||||||
Airbus A321-231 | N562UW | 5332 | October 2012 | 36,682,000 | 52,880,000 | |||||||||
Airbus A321-231 | N563UW | 5368 | November 2012 | 36,745,000 | 52,970,000 | |||||||||
Airbus A321-231 | N564UW | 5374 | November 2012 | 36,745,000 | 52,970,000 | |||||||||
Airbus A321-231 | N565UW | 5409 | December 2012 | 36,801,000 | 53,050,000 | |||||||||
Airbus A321-231 | N566UW | 5422 | December 2012 | 36,801,000 | 53,050,000 | |||||||||
Airbus A321-211 | N198UW | 5444 | January 2013 | 36,863,000 | 53,140,000 | |||||||||
Airbus A321-211 | N199UW | TBD | February 2013 | 36,926,000 | 53,230,000 | |||||||||
Airbus A321-211 | N150UW | TBD | March 2013 | 36,988,000 | 53,320,000 | |||||||||
Airbus A321-211 | N151UW | TBD | March 2013 | 36,988,000 | 53,320,000 | |||||||||
| (1) | The indicated registration number, manufacturer’s serial number and delivery month for each aircraft reflect our current expectations, although these may differ for the actual aircraft financed hereunder. The financing of each newly delivered Airbus aircraft is expected to be effected at delivery of such aircraft from Airbus to US Airways. The actual delivery date for any new Airbus aircraft may be subject to delay or acceleration. The deadline for purposes of financing an Aircraft pursuant to this Offering is June 30, 2013. See “Description of the Aircraft and the Appraisals — Timing of Financing the Aircraft” in the Supplement. US Airways has certain rights to substitute other Airbus aircraft if the scheduled delivery date of any of the new Airbus aircraft eligible to be financed pursuant to this Offering is delayed for more than 30 days after the month scheduled for delivery or beyond the delivery deadline. See “Description of the Aircraft and the Appraisals — Substitute Aircraft” in the Supplement. |
| (2) | The appraised value of each Aircraft set forth above is the lesser of the average and median values of such Aircraft as appraised by three independent appraisal and consulting firms. In the case of the new aircraft, such appraisals indicate appraised base value, projected as of the scheduled delivery month of the applicable aircraft and in the case of currently owned aircraft, such appraisals indicate appraised base value, adjusted for the maintenance status of the applicable aircraft. These appraisals are based upon varying assumptions and methodologies. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. See “Risk Factors — Risk Factors Relating to the Certificates and the Offering — The Appraisals are only Estimates of Aircraft Value” in the Supplement. |
Page 2
Loan to Aircraft Value Ratios
The following table sets forth loan to Aircraft value ratios (“LTVs”) for each Class of Certificates as of April 1, 2013, the first Regular Distribution Date after all Aircraft are expected to have been financed pursuant to the Offering, and each Regular Distribution Date thereafter. The table should not be considered a forecast or prediction of expected or likely LTVs but simply a mathematical calculation based on one set of assumptions. See “Risk Factors — Risk Factors Relating to the Certificates and the Offering — The Appraisals are only Estimates of Aircraft Value” in the Supplement.
| Outstanding Balance(2) | LTV(3) | |||||||||||||||||||
Regular Distribution Date | Assumed Aggregate Aircraft Value(1) | Class A Certificates | Class B Certificates | Class A Certificates | Class B Certificates | |||||||||||||||
April 1, 2013 | $ | 726,494,757 | $ | 379,100,756 | $ | 124,867,913 | 52.2 | % | 69.4 | % | ||||||||||
October 1, 2013 | 717,063,264 | 364,770,082 | 119,749,565 | 50.9 | 67.6 | |||||||||||||||
April 1, 2014 | 706,032,170 | 352,098,243 | 115,789,276 | 49.9 | 66.3 | |||||||||||||||
October 1, 2014 | 695,001,077 | 339,647,026 | 111,895,173 | 48.9 | 65.0 | |||||||||||||||
April 1, 2015 | 683,969,984 | 327,416,431 | 108,067,257 | 47.9 | 63.7 | |||||||||||||||
October 1, 2015 | 672,938,891 | 315,406,458 | 104,305,528 | 46.9 | 62.4 | |||||||||||||||
April 1, 2016 | 661,907,797 | 303,617,107 | 99,286,170 | 45.9 | 60.9 | |||||||||||||||
October 1, 2016 | 650,876,704 | 293,870,832 | 94,377,122 | 45.1 | 59.6 | |||||||||||||||
April 1, 2017 | 639,845,611 | 285,051,220 | 89,578,386 | 44.5 | 58.5 | |||||||||||||||
October 1, 2017 | 628,814,518 | 276,049,573 | 84,889,960 | 43.9 | 57.4 | |||||||||||||||
April 1, 2018 | 617,783,424 | 262,557,955 | 83,400,762 | 42.5 | 56.0 | |||||||||||||||
October 1, 2018 | 606,752,331 | 248,768,456 | 81,911,565 | 41.0 | 54.5 | |||||||||||||||
April 1, 2019 | 595,721,238 | 235,309,889 | 80,422,367 | 39.5 | 53.0 | |||||||||||||||
October 1, 2019 | 584,690,145 | 222,182,255 | 0 | 38.0 | 0.0 | |||||||||||||||
April 1, 2020 | 573,659,051 | 209,385,554 | 0 | 36.5 | 0.0 | |||||||||||||||
October 1, 2020 | 562,627,958 | 196,919,785 | 0 | 35.0 | 0.0 | |||||||||||||||
April 1, 2021 | 551,596,865 | 184,784,950 | 0 | 33.5 | 0.0 | |||||||||||||||
October 1, 2021 | 540,565,772 | 172,981,047 | 0 | 32.0 | 0.0 | |||||||||||||||
April 1, 2022 | 529,534,678 | 161,508,077 | 0 | 30.5 | 0.0 | |||||||||||||||
October 1, 2022 | 518,503,585 | 150,366,040 | 0 | 29.0 | 0.0 | |||||||||||||||
April 1, 2023 | 507,472,492 | 139,554,935 | 0 | 27.5 | 0.0 | |||||||||||||||
October 1, 2023 | 496,441,399 | 129,074,764 | 0 | 26.0 | 0.0 | |||||||||||||||
April 1, 2024 | 485,410,305 | 118,925,525 | 0 | 24.5 | 0.0 | |||||||||||||||
October 1, 2024 | 474,379,212 | 0 | 0 | 0.0 | 0.0 | |||||||||||||||
| (1) | In calculating the assumed aggregate aircraft values above, we assumed that the initial appraised value of each Aircraft, determined as described under “— Equipment Notes and the Aircraft” above, declines by approximately 3% per year for the first fifteen (15) years after the year of delivery of such Aircraft and 4% per year for each of the next five (5) years, in each case prior to the final expected Regular Distribution Date. Other rates or methods of depreciation may result in materially different LTVs. We cannot assure you that the depreciation rate and method used for purposes of the table will occur or predict the actual future value of any Aircraft. See “Risk Factors — Risk Factors Relating to the Certificates and the Offering — The Appraisals are only Estimates of Aircraft Value” in the Supplement. |
| (2) | In calculating the outstanding balances of each Class of Certificates, we have assumed that the Trusts will acquire the Equipment Notes for all Aircraft. Outstanding balances as of each Regular Distribution Date are shown after giving effect to distributions expected to be made on such distribution date. |
| (3) | The LTVs for each Class of Certificates were obtained for each Regular Distribution Date by dividing (i) the expected outstanding balance of such Class together with the expected outstanding balance of each other class senior in right of payment to such class after giving effect to the distributions expected to be made on such distribution date, by (ii) the assumed value of all of the Aircraft on such date based on the assumptions described above. The outstanding balances and LTVs of each Class of Certificates will change if the Trusts do not acquire Equipment Notes with respect to all the Aircraft. |
Page 3
Assumed Amortization Schedule and resulting Pool Factors
The following table sets forth the expected aggregate principal amortization schedule for the Equipment Notes held in each Trust (the “Assumed Amortization Schedule”) and resulting Pool Factors with respect to such Trust. The scheduled distribution of principal payments for any Trust would be affected if Equipment Notes with respect to any Aircraft are not acquired by such Trust, if any Equipment Notes held in such Trust are redeemed or purchased or if a default in payment on such Equipment Notes occurs. Accordingly, the aggregate principal amortization schedule applicable to a Trust and the resulting Pool Factors may differ from those set forth in the following table.
| Class A | Class B | |||||||||||||||
Date | Scheduled Principal Payments | Expected Pool Factor | Scheduled Principal Payments | Expected Pool Factor | ||||||||||||
Issuance Date | $ | 0.00 | 1.0000000 | $ | 0.00 | 1.0000000 | ||||||||||
October 1, 2012 | 0.00 | 1.0000000 | 0.00 | 1.0000000 | ||||||||||||
April 1, 2013 | 684,243.64 | 0.9981983 | 90,086.60 | 0.9992791 | ||||||||||||
October 1, 2013 | 14,330,674.18 | 0.9604647 | 5,118,348.39 | 0.9583185 | ||||||||||||
April 1, 2014 | 12,671,838.86 | 0.9270989 | 3,960,289.09 | 0.9266256 | ||||||||||||
October 1, 2014 | 12,451,216.94 | 0.8943140 | 3,894,102.51 | 0.8954623 | ||||||||||||
April 1, 2015 | 12,230,595.14 | 0.8621100 | 3,827,915.98 | 0.8648286 | ||||||||||||
October 1, 2015 | 12,009,973.20 | 0.8304869 | 3,761,729.39 | 0.8347247 | ||||||||||||
April 1, 2016 | 11,789,351.42 | 0.7994447 | 5,019,358.44 | 0.7945563 | ||||||||||||
October 1, 2016 | 9,746,274.77 | 0.7737821 | 4,909,047.52 | 0.7552707 | ||||||||||||
April 1, 2017 | 8,819,612.24 | 0.7505594 | 4,798,736.57 | 0.7168680 | ||||||||||||
October 1, 2017 | 9,001,646.39 | 0.7268575 | 4,688,425.64 | 0.6793479 | ||||||||||||
April 1, 2018 | 13,491,617.89 | 0.6913331 | 1,489,197.58 | 0.6674304 | ||||||||||||
October 1, 2018 | 13,789,499.59 | 0.6550244 | 1,489,197.60 | 0.6555128 | ||||||||||||
April 1, 2019 | 13,458,566.80 | 0.6195871 | 1,489,197.58 | 0.6435952 | ||||||||||||
October 1, 2019 | 13,127,634.00 | 0.5850211 | 80,422,367.11 | 0.0000000 | ||||||||||||
April 1, 2020 | 12,796,701.20 | 0.5513265 | 0.00 | 0.0000000 | ||||||||||||
October 1, 2020 | 12,465,768.41 | 0.5185033 | 0.00 | 0.0000000 | ||||||||||||
April 1, 2021 | 12,134,835.60 | 0.4865515 | 0.00 | 0.0000000 | ||||||||||||
October 1, 2021 | 11,803,902.81 | 0.4554710 | 0.00 | 0.0000000 | ||||||||||||
April 1, 2022 | 11,472,970.02 | 0.4252619 | 0.00 | 0.0000000 | ||||||||||||
October 1, 2022 | 11,142,037.21 | 0.3959241 | 0.00 | 0.0000000 | ||||||||||||
April 1, 2023 | 10,811,104.42 | 0.3674577 | 0.00 | 0.0000000 | ||||||||||||
October 1, 2023 | 10,480,171.63 | 0.3398627 | 0.00 | 0.0000000 | ||||||||||||
April 1, 2024 | 10,149,238.82 | 0.3131391 | 0.00 | 0.0000000 | ||||||||||||
October 1, 2024 | 118,925,524.82 | 0.0000000 | 0.00 | 0.0000000 | ||||||||||||
Page 4
Obligation to Purchase Equipment Notes
The Trustees will be obligated to purchase the Equipment Notes issued with respect to the Aircraft during the Delivery Period, subject to the terms and conditions of a note purchase agreement (the “Note Purchase Agreement”). Under the Note Purchase Agreement, US Airways agrees to enter into a secured debt financing with respect to each Aircraft. The Note Purchase Agreement provides for the relevant parties to enter into a participation agreement (each, a “Participation Agreement”) and an indenture (each, an “Indenture”) relating to the financing of each Aircraft in substantially the form attached to the Note Purchase Agreement.
The description of such financing agreements in the Supplement is based on the forms of such agreements attached to the Note Purchase Agreement. However, the terms of the financing agreements actually entered into may differ from the forms of such agreements and, consequently, may differ from the description of such agreements contained in the Supplement. See “Description of the Equipment Notes” in the Supplement. Although such changes are permitted, under the Note Purchase Agreement, the terms of such agreements must not vary the Required Terms. In addition, US Airways is obligated to certify to the Trustees that any substantive modifications do not materially and adversely affect the Certificateholders. US Airways must also obtain written confirmation from each Rating Agency that the use of financing agreements modified in any material respect from the forms attached to the Note Purchase Agreement will not result in a withdrawal, suspension or downgrading of the rating of any Class of Certificates. Further, under the Note Purchase Agreement, it is a condition precedent to the obligation of each Trustee to purchase the Equipment Notes related to the financing of an Aircraft that no Triggering Event shall have occurred. See “Description of the Aircraft and the Appraisals—Timing of Financing the Aircraft” in the Supplement. The Trustees will have no right or obligation to purchase Equipment Notes after the Delivery Period Termination Date.
Page 5
The “Required Terms”, as defined in the Note Purchase Agreement, mandate that:
| • | The initial principal amount and principal amortization schedule for each of the Equipment Notes issued with respect to each Aircraft shall be, with respect to the four (4) new Airbus A321-211 aircraft to be financed pursuant to this Offering, as set forth in the applicable table below for that Aircraft and, with respect to the eight (8) new Airbus A321-231 aircraft and the other two (2) Airbus A321-231 aircraft currently owned by US Airways described in the Supplement, as set forth in the applicable table for that Aircraft described under “Description of the Certificates —Obligation to Purchase Equipment Notes” in the Supplement : |
| N198UW | ||||||||||||||||
| Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Date | Scheduled Payments of Principal | Equipment Note Ending Balance | Scheduled Payments of Principal | Equipment Note Ending Balance | ||||||||||||
Issuance Date | $ | 0.00 | $ | 27,723,000.00 | $ | 0.00 | $ | 9,140,000.00 | ||||||||
October 1, 2012 | 0.00 | 27,723,000.00 | 0.00 | 9,140,000.00 | ||||||||||||
April 1, 2013 | 0.00 | 27,723,000.00 | 0.00 | 9,140,000.00 | ||||||||||||
October 1, 2013 | 1,096,166.77 | 26,626,833.23 | 398,735.70 | 8,741,264.30 | ||||||||||||
April 1, 2014 | 920,942.77 | 25,705,890.46 | 287,753.10 | 8,453,511.20 | ||||||||||||
October 1, 2014 | 905,000.77 | 24,800,889.69 | 282,970.50 | 8,170,540.70 | ||||||||||||
April 1, 2015 | 889,058.77 | 23,911,830.92 | 278,187.90 | 7,892,352.80 | ||||||||||||
October 1, 2015 | 873,116.77 | 23,038,714.15 | 273,405.30 | 7,618,947.50 | ||||||||||||
April 1, 2016 | 857,174.77 | 22,181,539.38 | 365,337.50 | 7,253,610.00 | ||||||||||||
October 1, 2016 | 708,063.93 | 21,473,475.45 | 357,366.50 | 6,896,243.50 | ||||||||||||
April 1, 2017 | 640,469.85 | 20,833,005.60 | 349,395.50 | 6,546,848.00 | ||||||||||||
October 1, 2017 | 653,887.70 | 20,179,117.90 | 341,424.50 | 6,205,423.50 | ||||||||||||
April 1, 2018 | 982,292.90 | 19,196,825.00 | 107,608.50 | 6,097,815.00 | ||||||||||||
October 1, 2018 | 1,004,346.00 | 18,192,479.00 | 107,608.50 | 5,990,206.50 | ||||||||||||
April 1, 2019 | 980,433.00 | 17,212,046.00 | 107,608.50 | 5,882,598.00 | ||||||||||||
October 1, 2019 | 956,520.00 | 16,255,526.00 | 5,882,598.00 | 0.00 | ||||||||||||
April 1, 2020 | 932,607.00 | 15,322,919.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2020 | 908,694.00 | 14,414,225.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2021 | 884,781.00 | 13,529,444.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2021 | 860,868.00 | 12,668,576.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2022 | 836,955.00 | 11,831,621.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2022 | 813,042.00 | 11,018,579.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2023 | 789,129.00 | 10,229,450.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2023 | 765,216.00 | 9,464,234.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2024 | 741,303.00 | 8,722,931.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2024 | 8,722,931.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Page 6
| N199UW | ||||||||||||||||
| Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Date | Scheduled Payments of Principal | Equipment Note Ending Balance | Scheduled Payments of Principal | Equipment Note Ending Balance | ||||||||||||
Issuance Date | $ | 0.00 | $ | 27,770,000.00 | $ | 0.00 | $ | 9,156,000.00 | ||||||||
October 1, 2012 | 0.00 | 27,770,000.00 | 0.00 | 9,156,000.00 | ||||||||||||
April 1, 2013 | 0.00 | 27,770,000.00 | 0.00 | 9,156,000.00 | ||||||||||||
October 1, 2013 | 1,098,070.51 | 26,671,929.49 | 399,931.15 | 8,756,068.85 | ||||||||||||
April 1, 2014 | 922,502.52 | 25,749,426.97 | 288,240.45 | 8,467,828.40 | ||||||||||||
October 1, 2014 | 906,533.51 | 24,842,893.46 | 283,449.75 | 8,184,378.65 | ||||||||||||
April 1, 2015 | 890,564.52 | 23,952,328.94 | 278,659.05 | 7,905,719.60 | ||||||||||||
October 1, 2015 | 874,595.51 | 23,077,733.43 | 273,868.35 | 7,631,851.25 | ||||||||||||
April 1, 2016 | 858,626.52 | 22,219,106.91 | 365,956.25 | 7,265,895.00 | ||||||||||||
October 1, 2016 | 709,263.13 | 21,509,843.78 | 357,971.75 | 6,907,923.25 | ||||||||||||
April 1, 2017 | 641,554.58 | 20,868,289.20 | 349,987.25 | 6,557,936.00 | ||||||||||||
October 1, 2017 | 654,995.15 | 20,213,294.05 | 342,002.75 | 6,215,933.25 | ||||||||||||
April 1, 2018 | 983,956.55 | 19,229,337.50 | 107,790.75 | 6,108,142.50 | ||||||||||||
October 1, 2018 | 1,006,047.00 | 18,223,290.50 | 107,790.75 | 6,000,351.75 | ||||||||||||
April 1, 2019 | 982,093.50 | 17,241,197.00 | 107,790.75 | 5,892,561.00 | ||||||||||||
October 1, 2019 | 958,140.00 | 16,283,057.00 | 5,892,561.00 | 0.00 | ||||||||||||
April 1, 2020 | 934,186.50 | 15,348,870.50 | 0.00 | 0.00 | ||||||||||||
October 1, 2020 | 910,233.00 | 14,438,637.50 | 0.00 | 0.00 | ||||||||||||
April 1, 2021 | 886,279.50 | 13,552,358.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2021 | 862,326.00 | 12,690,032.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2022 | 838,372.50 | 11,851,659.50 | 0.00 | 0.00 | ||||||||||||
October 1, 2022 | 814,419.00 | 11,037,240.50 | 0.00 | 0.00 | ||||||||||||
April 1, 2023 | 790,465.50 | 10,246,775.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2023 | 766,512.00 | 9,480,263.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2024 | 742,558.50 | 8,737,704.50 | 0.00 | 0.00 | ||||||||||||
October 1, 2024 | 8,737,704.50 | 0.00 | 0.00 | 0.00 | ||||||||||||
Page 7
| N150UW | ||||||||||||||||
| Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Date | Scheduled Payments of Principal | Equipment Note Ending Balance | Scheduled Payments of Principal | Equipment Note Ending Balance | ||||||||||||
Issuance Date | $ | 0.00 | $ | 27,817,000.00 | $ | 0.00 | $ | 9,171,000.00 | ||||||||
October 1, 2012 | 0.00 | 27,817,000.00 | 0.00 | 9,171,000.00 | ||||||||||||
April 1, 2013 | 0.00 | 27,817,000.00 | 0.00 | 9,171,000.00 | ||||||||||||
October 1, 2013 | 693,116.00 | 27,123,884.00 | 266,560.00 | 8,904,440.00 | ||||||||||||
April 1, 2014 | 932,060.26 | 26,191,823.74 | 291,127.20 | 8,613,312.80 | ||||||||||||
October 1, 2014 | 916,064.26 | 25,275,759.48 | 286,328.40 | 8,326,984.40 | ||||||||||||
April 1, 2015 | 900,068.26 | 24,375,691.22 | 281,529.60 | 8,045,454.80 | ||||||||||||
October 1, 2015 | 884,072.26 | 23,491,618.96 | 276,730.80 | 7,768,724.00 | ||||||||||||
April 1, 2016 | 868,076.26 | 22,623,542.70 | 370,574.00 | 7,398,150.00 | ||||||||||||
October 1, 2016 | 716,220.90 | 21,907,321.80 | 362,576.00 | 7,035,574.00 | ||||||||||||
April 1, 2017 | 647,438.10 | 21,259,883.70 | 354,578.00 | 6,680,996.00 | ||||||||||||
October 1, 2017 | 661,301.30 | 20,598,582.40 | 346,580.00 | 6,334,416.00 | ||||||||||||
April 1, 2018 | 996,817.40 | 19,601,765.00 | 107,973.00 | 6,226,443.00 | ||||||||||||
October 1, 2018 | 1,019,745.00 | 18,582,020.00 | 107,973.00 | 6,118,470.00 | ||||||||||||
April 1, 2019 | 995,751.00 | 17,586,269.00 | 107,973.00 | 6,010,497.00 | ||||||||||||
October 1, 2019 | 971,757.00 | 16,614,512.00 | 6,010,497.00 | 0.00 | ||||||||||||
April 1, 2020 | 947,763.00 | 15,666,749.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2020 | 923,769.00 | 14,742,980.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2021 | 899,775.00 | 13,843,205.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2021 | 875,781.00 | 12,967,424.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2022 | 851,787.00 | 12,115,637.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2022 | 827,793.00 | 11,287,844.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2023 | 803,799.00 | 10,484,045.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2023 | 779,805.00 | 9,704,240.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2024 | 755,811.00 | 8,948,429.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2024 | 8,948,429.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Page 8
| N151UW | ||||||||||||||||
| Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Date | Scheduled Payments of Principal | Equipment Note Ending Balance | Scheduled Payments of Principal | Equipment Note Ending Balance | ||||||||||||
Issuance Date | $ | 0.00 | $ | 27,817,000.00 | $ | 0.00 | $ | 9,171,000.00 | ||||||||
October 1, 2012 | 0.00 | 27,817,000.00 | 0.00 | 9,171,000.00 | ||||||||||||
April 1, 2013 | 0.00 | 27,817,000.00 | 0.00 | 9,171,000.00 | ||||||||||||
October 1, 2013 | 693,116.00 | 27,123,884.00 | 266,560.00 | 8,904,440.00 | ||||||||||||
April 1, 2014 | 932,060.26 | 26,191,823.74 | 291,127.20 | 8,613,312.80 | ||||||||||||
October 1, 2014 | 916,064.26 | 25,275,759.48 | 286,328.40 | 8,326,984.40 | ||||||||||||
April 1, 2015 | 900,068.26 | 24,375,691.22 | 281,529.60 | 8,045,454.80 | ||||||||||||
October 1, 2015 | 884,072.26 | 23,491,618.96 | 276,730.80 | 7,768,724.00 | ||||||||||||
April 1, 2016 | 868,076.26 | 22,623,542.70 | 370,574.00 | 7,398,150.00 | ||||||||||||
October 1, 2016 | 716,220.90 | 21,907,321.80 | 362,576.00 | 7,035,574.00 | ||||||||||||
April 1, 2017 | 647,438.10 | 21,259,883.70 | 354,578.00 | 6,680,996.00 | ||||||||||||
October 1, 2017 | 661,301.30 | 20,598,582.40 | 346,580.00 | 6,334,416.00 | ||||||||||||
April 1, 2018 | 996,817.40 | 19,601,765.00 | 107,973.00 | 6,226,443.00 | ||||||||||||
October 1, 2018 | 1,019,745.00 | 18,582,020.00 | 107,973.00 | 6,118,470.00 | ||||||||||||
April 1, 2019 | 995,751.00 | 17,586,269.00 | 107,973.00 | 6,010,497.00 | ||||||||||||
October 1, 2019 | 971,757.00 | 16,614,512.00 | 6,010,497.00 | 0.00 | ||||||||||||
April 1, 2020 | 947,763.00 | 15,666,749.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2020 | 923,769.00 | 14,742,980.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2021 | 899,775.00 | 13,843,205.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2021 | 875,781.00 | 12,967,424.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2022 | 851,787.00 | 12,115,637.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2022 | 827,793.00 | 11,287,844.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2023 | 803,799.00 | 10,484,045.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2023 | 779,805.00 | 9,704,240.00 | 0.00 | 0.00 | ||||||||||||
April 1, 2024 | 755,811.00 | 8,948,429.00 | 0.00 | 0.00 | ||||||||||||
October 1, 2024 | 8,948,429.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Page 9
Loan to Value Ratio Tables
The following tables set forth loan to Aircraft value ratios for the Equipment Notes to be issued in respect of each of the four (4) new Airbus A321-211 aircraft to be financed pursuant to this Offering as of initial issuance and the Regular Distribution Dates thereafter. The loan to value ratio was obtained by dividing (i) the outstanding balance (assuming no payment default) of such Equipment Notes plus, in the case of the Series B Equipment Notes, the outstanding balance (assuming no payment default) of the Series A Equipment Notes, determined immediately after giving effect to the payments scheduled to be made on each such Regular Distribution Date by (ii) the appraised value of the Aircraft securing such Equipment Notes (see “Description of the Aircraft and the Appraisals—The Appraisals” in the Supplement), subject to the “Depreciation Assumption”. The Depreciation Assumption contemplates that the value of each Aircraft at issuance of the Equipment Notes included in each table depreciates by approximately 3% of the initial appraised value per year, for the first fifteen (15) years after the year of delivery of such Aircraft and 4% per year for each of the next five (5) years, in each case prior to the final expected Regular Distribution Date. Other rates or methods of depreciation may result in materially different loan to Aircraft value ratios, and no assurance can be given (i) that the depreciation rates and method assumed for the purposes of the tables are the ones most likely to occur or (ii) as to the actual future value of any Aircraft. Thus, the tables should not be considered a forecast or prediction of expected or likely loan to Aircraft value ratios, but simply a mathematical calculation based on one set of assumptions. These tables should be reviewed together with the Loan to Value Ratio Tables for the eight (8) new Airbus A321-231 aircraft and the other two (2) Airbus A321-231 aircraft currently owned by US Airways described in the Supplement.
A321-211
| N198UW | ||||||||||||||||||||
| Outstanding Balance | Loan to Value Ratio | |||||||||||||||||||
| Date | Assumed Aircraft Value | Series A Equipment Notes | Series B Equipment Notes | Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Issuance Date | $ | 53,140,000.00 | $ | 27,723,000.00 | $ | 9,140,000.00 | 52.2 | % | 69.4 | % | ||||||||||
October 1, 2012 | 53,140,000.00 | 27,723,000.00 | 9,140,000.00 | 52.2 | 69.4 | |||||||||||||||
April 1, 2013 | 53,140,000.00 | 27,723,000.00 | 9,140,000.00 | 52.2 | 69.4 | |||||||||||||||
October 1, 2013 | 52,342,900.00 | 26,626,833.23 | 8,741,264.30 | 50.9 | 67.6 | |||||||||||||||
April 1, 2014 | 51,545,800.00 | 25,705,890.46 | 8,453,511.20 | 49.9 | 66.3 | |||||||||||||||
October 1, 2014 | 50,748,700.00 | 24,800,889.69 | 8,170,540.70 | 48.9 | 65.0 | |||||||||||||||
April 1, 2015 | 49,951,600.00 | 23,911,830.92 | 7,892,352.80 | 47.9 | 63.7 | |||||||||||||||
October 1, 2015 | 49,154,500.00 | 23,038,714.15 | 7,618,947.50 | 46.9 | 62.4 | |||||||||||||||
April 1, 2016 | 48,357,400.00 | 22,181,539.38 | 7,253,610.00 | 45.9 | 60.9 | |||||||||||||||
October 1, 2016 | 47,560,300.00 | 21,473,475.45 | 6,896,243.50 | 45.1 | 59.7 | |||||||||||||||
April 1, 2017 | 46,763,200.00 | 20,833,005.60 | 6,546,848.00 | 44.6 | 58.6 | |||||||||||||||
October 1, 2017 | 45,966,100.00 | 20,179,117.90 | 6,205,423.50 | 43.9 | 57.4 | |||||||||||||||
April 1, 2018 | 45,169,000.00 | 19,196,825.00 | 6,097,815.00 | 42.5 | 56.0 | |||||||||||||||
October 1, 2018 | 44,371,900.00 | 18,192,479.00 | 5,990,206.50 | 41.0 | 54.5 | |||||||||||||||
April 1, 2019 | 43,574,800.00 | 17,212,046.00 | 5,882,598.00 | 39.5 | 53.0 | |||||||||||||||
October 1, 2019 | 42,777,700.00 | 16,255,526.00 | 0.00 | 38.0 | 0.0 | |||||||||||||||
April 1, 2020 | 41,980,600.00 | 15,322,919.00 | 0.00 | 36.5 | 0.0 | |||||||||||||||
October 1, 2020 | 41,183,500.00 | 14,414,225.00 | 0.00 | 35.0 | 0.0 | |||||||||||||||
April 1, 2021 | 40,386,400.00 | 13,529,444.00 | 0.00 | 33.5 | 0.0 | |||||||||||||||
October 1, 2021 | 39,589,300.00 | 12,668,576.00 | 0.00 | 32.0 | 0.0 | |||||||||||||||
April 1, 2022 | 38,792,200.00 | 11,831,621.00 | 0.00 | 30.5 | 0.0 | |||||||||||||||
October 1, 2022 | 37,995,100.00 | 11,018,579.00 | 0.00 | 29.0 | 0.0 | |||||||||||||||
April 1, 2023 | 37,198,000.00 | 10,229,450.00 | 0.00 | 27.5 | 0.0 | |||||||||||||||
October 1, 2023 | 36,400,900.00 | 9,464,234.00 | 0.00 | 26.0 | 0.0 | |||||||||||||||
April 1, 2024 | 35,603,800.00 | 8,722,931.00 | 0.00 | 24.5 | 0.0 | |||||||||||||||
October 1, 2024 | 34,806,700.00 | 0.00 | 0.00 | 0.0 | 0.0 | |||||||||||||||
Page 10
| N199UW | ||||||||||||||||||||
| Outstanding Balance | Loan to Value Ratio | |||||||||||||||||||
Date | Assumed Aircraft Value | Series A Equipment Notes | Series B Equipment Notes | Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Issuance Date | $ | 53,230,000.00 | $ | 27,770,000.00 | $ | 9,156,000.00 | 52.2 | % | 69.4 | % | ||||||||||
October 1, 2012 | 53,230,000.00 | 27,770,000.00 | 9,156,000.00 | 52.2 | 69.4 | |||||||||||||||
April 1, 2013 | 53,230,000.00 | 27,770,000.00 | 9,156,000.00 | 52.2 | 69.4 | |||||||||||||||
October 1, 2013 | 52,431,550.00 | 26,671,929.49 | 8,756,068.85 | 50.9 | 67.6 | |||||||||||||||
April 1, 2014 | 51,633,100.00 | 25,749,426.97 | 8,467,828.40 | 49.9 | 66.3 | |||||||||||||||
October 1, 2014 | 50,834,650.00 | 24,842,893.46 | 8,184,378.65 | 48.9 | 65.0 | |||||||||||||||
April 1, 2015 | 50,036,200.00 | 23,952,328.94 | 7,905,719.60 | 47.9 | 63.7 | |||||||||||||||
October 1, 2015 | 49,237,750.00 | 23,077,733.43 | 7,631,851.25 | 46.9 | 62.4 | |||||||||||||||
April 1, 2016 | 48,439,300.00 | 22,219,106.91 | 7,265,895.00 | 45.9 | 60.9 | |||||||||||||||
October 1, 2016 | 47,640,850.00 | 21,509,843.78 | 6,907,923.25 | 45.2 | 59.7 | |||||||||||||||
April 1, 2017 | 46,842,400.00 | 20,868,289.20 | 6,557,936.00 | 44.6 | 58.6 | |||||||||||||||
October 1, 2017 | 46,043,950.00 | 20,213,294.05 | 6,215,933.25 | 43.9 | 57.4 | |||||||||||||||
April 1, 2018 | 45,245,500.00 | 19,229,337.50 | 6,108,142.50 | 42.5 | 56.0 | |||||||||||||||
October 1, 2018 | 44,447,050.00 | 18,223,290.50 | 6,000,351.75 | 41.0 | 54.5 | |||||||||||||||
April 1, 2019 | 43,648,600.00 | 17,241,197.00 | 5,892,561.00 | 39.5 | 53.0 | |||||||||||||||
October 1, 2019 | 42,850,150.00 | 16,283,057.00 | 0.00 | 38.0 | 0.0 | |||||||||||||||
April 1, 2020 | 42,051,700.00 | 15,348,870.50 | 0.00 | 36.5 | 0.0 | |||||||||||||||
October 1, 2020 | 41,253,250.00 | 14,438,637.50 | 0.00 | 35.0 | 0.0 | |||||||||||||||
April 1, 2021 | 40,454,800.00 | 13,552,358.00 | 0.00 | 33.5 | 0.0 | |||||||||||||||
October 1, 2021 | 39,656,350.00 | 12,690,032.00 | 0.00 | 32.0 | 0.0 | |||||||||||||||
April 1, 2022 | 38,857,900.00 | 11,851,659.50 | 0.00 | 30.5 | 0.0 | |||||||||||||||
October 1, 2022 | 38,059,450.00 | 11,037,240.50 | 0.00 | 29.0 | 0.0 | |||||||||||||||
April 1, 2023 | 37,261,000.00 | 10,246,775.00 | 0.00 | 27.5 | 0.0 | |||||||||||||||
October 1, 2023 | 36,462,550.00 | 9,480,263.00 | 0.00 | 26.0 | 0.0 | |||||||||||||||
April 1, 2024 | 35,664,100.00 | 8,737,704.50 | 0.00 | 24.5 | 0.0 | |||||||||||||||
October 1, 2024 | 34,865,650.00 | 0.00 | 0.00 | 0.0 | 0.0 | |||||||||||||||
Page 11
| N150UW | ||||||||||||||||||||
| Outstanding Balance | Loan to Value Ratio | |||||||||||||||||||
Date | Assumed Aircraft Value | Series A Equipment Notes | Series B Equipment Notes | Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Issuance Date | $ | 53,320,000.00 | $ | 27,817,000.00 | $ | 9,171,000.00 | 52.2 | % | 69.4 | % | ||||||||||
October 1, 2012 | 53,320,000.00 | 27,817,000.00 | 9,171,000.00 | 52.2 | 69.4 | |||||||||||||||
April 1, 2013 | 53,320,000.00 | 27,817,000.00 | 9,171,000.00 | 52.2 | 69.4 | |||||||||||||||
October 1, 2013 | 53,320,000.00 | 27,123,884.00 | 8,904,440.00 | 50.9 | 67.6 | |||||||||||||||
April 1, 2014 | 52,520,200.00 | 26,191,823.74 | 8,613,312.80 | 49.9 | 66.3 | |||||||||||||||
October 1, 2014 | 51,720,400.00 | 25,275,759.48 | 8,326,984.40 | 48.9 | 65.0 | |||||||||||||||
April 1, 2015 | 50,920,600.00 | 24,375,691.22 | 8,045,454.80 | 47.9 | 63.7 | |||||||||||||||
October 1, 2015 | 50,120,800.00 | 23,491,618.96 | 7,768,724.00 | 46.9 | 62.4 | |||||||||||||||
April 1, 2016 | 49,321,000.00 | 22,623,542.70 | 7,398,150.00 | 45.9 | 60.9 | |||||||||||||||
October 1, 2016 | 48,521,200.00 | 21,907,321.80 | 7,035,574.00 | 45.2 | 59.7 | |||||||||||||||
April 1, 2017 | 47,721,400.00 | 21,259,883.70 | 6,680,996.00 | 44.6 | 58.6 | |||||||||||||||
October 1, 2017 | 46,921,600.00 | 20,598,582.40 | 6,334,416.00 | 43.9 | 57.4 | |||||||||||||||
April 1, 2018 | 46,121,800.00 | 19,601,765.00 | 6,226,443.00 | 42.5 | 56.0 | |||||||||||||||
October 1, 2018 | 45,322,000.00 | 18,582,020.00 | 6,118,470.00 | 41.0 | 54.5 | |||||||||||||||
April 1, 2019 | 44,522,200.00 | 17,586,269.00 | 6,010,497.00 | 39.5 | 53.0 | |||||||||||||||
October 1, 2019 | 43,722,400.00 | 16,614,512.00 | 0.00 | 38.0 | 0.0 | |||||||||||||||
April 1, 2020 | 42,922,600.00 | 15,666,749.00 | 0.00 | 36.5 | 0.0 | |||||||||||||||
October 1, 2020 | 42,122,800.00 | 14,742,980.00 | 0.00 | 35.0 | 0.0 | |||||||||||||||
April 1, 2021 | 41,323,000.00 | 13,843,205.00 | 0.00 | 33.5 | 0.0 | |||||||||||||||
October 1, 2021 | 40,523,200.00 | 12,967,424.00 | 0.00 | 32.0 | 0.0 | |||||||||||||||
April 1, 2022 | 39,723,400.00 | 12,115,637.00 | 0.00 | 30.5 | 0.0 | |||||||||||||||
October 1, 2022 | 38,923,600.00 | 11,287,844.00 | 0.00 | 29.0 | 0.0 | |||||||||||||||
April 1, 2023 | 38,123,800.00 | 10,484,045.00 | 0.00 | 27.5 | 0.0 | |||||||||||||||
October 1, 2023 | 37,324,000.00 | 9,704,240.00 | 0.00 | 26.0 | 0.0 | |||||||||||||||
April 1, 2024 | 36,524,200.00 | 8,948,429.00 | 0.00 | 24.5 | 0.0 | |||||||||||||||
October 1, 2024 | 35,724,400.00 | 0.00 | 0.00 | 0.0 | 0.0 | |||||||||||||||
Page 12
| N151UW | ||||||||||||||||||||
| Outstanding Balance | Loan to Value Ratio | |||||||||||||||||||
Date | Assumed Aircraft Value | Series A Equipment Notes | Series B Equipment Notes | Series A Equipment Notes | Series B Equipment Notes | |||||||||||||||
Issuance Date | $ | 53,320,000.00 | $ | 27,817,000.00 | $ | 9,171,000.00 | 52.2 | % | 69.4 | % | ||||||||||
October 1, 2012 | 53,320,000.00 | 27,817,000.00 | 9,171,000.00 | 52.2 | 69.4 | |||||||||||||||
April 1, 2013 | 53,320,000.00 | 27,817,000.00 | 9,171,000.00 | 52.2 | 69.4 | |||||||||||||||
October 1, 2013 | 53,320,000.00 | 27,123,884.00 | 8,904,440.00 | 50.9 | 67.6 | |||||||||||||||
April 1, 2014 | 52,520,200.00 | 26,191,823.74 | 8,613,312.80 | 49.9 | 66.3 | |||||||||||||||
October 1, 2014 | 51,720,400.00 | 25,275,759.48 | 8,326,984.40 | 48.9 | 65.0 | |||||||||||||||
April 1, 2015 | 50,920,600.00 | 24,375,691.22 | 8,045,454.80 | 47.9 | 63.7 | |||||||||||||||
October 1, 2015 | 50,120,800.00 | 23,491,618.96 | 7,768,724.00 | 46.9 | 62.4 | |||||||||||||||
April 1, 2016 | 49,321,000.00 | 22,623,542.70 | 7,398,150.00 | 45.9 | 60.9 | |||||||||||||||
October 1, 2016 | 48,521,200.00 | 21,907,321.80 | 7,035,574.00 | 45.2 | 59.7 | |||||||||||||||
April 1, 2017 | 47,721,400.00 | 21,259,883.70 | 6,680,996.00 | 44.6 | 58.6 | |||||||||||||||
October 1, 2017 | 46,921,600.00 | 20,598,582.40 | 6,334,416.00 | 43.9 | 57.4 | |||||||||||||||
April 1, 2018 | 46,121,800.00 | 19,601,765.00 | 6,226,443.00 | 42.5 | 56.0 | |||||||||||||||
October 1, 2018 | 45,322,000.00 | 18,582,020.00 | 6,118,470.00 | 41.0 | 54.5 | |||||||||||||||
April 1, 2019 | 44,522,200.00 | 17,586,269.00 | 6,010,497.00 | 39.5 | 53.0 | |||||||||||||||
October 1, 2019 | 43,722,400.00 | 16,614,512.00 | 0.00 | 38.0 | 0.0 | |||||||||||||||
April 1, 2020 | 42,922,600.00 | 15,666,749.00 | 0.00 | 36.5 | 0.0 | |||||||||||||||
October 1, 2020 | 42,122,800.00 | 14,742,980.00 | 0.00 | 35.0 | 0.0 | |||||||||||||||
April 1, 2021 | 41,323,000.00 | 13,843,205.00 | 0.00 | 33.5 | 0.0 | |||||||||||||||
October 1, 2021 | 40,523,200.00 | 12,967,424.00 | 0.00 | 32.0 | 0.0 | |||||||||||||||
April 1, 2022 | 39,723,400.00 | 12,115,637.00 | 0.00 | 30.5 | 0.0 | |||||||||||||||
October 1, 2022 | 38,923,600.00 | 11,287,844.00 | 0.00 | 29.0 | 0.0 | |||||||||||||||
April 1, 2023 | 38,123,800.00 | 10,484,045.00 | 0.00 | 27.5 | 0.0 | |||||||||||||||
October 1, 2023 | 37,324,000.00 | 9,704,240.00 | 0.00 | 26.0 | 0.0 | |||||||||||||||
April 1, 2024 | 36,524,200.00 | 8,948,429.00 | 0.00 | 24.5 | 0.0 | |||||||||||||||
October 1, 2024 | 35,724,400.00 | 0.00 | 0.00 | 0.0 | 0.0 | |||||||||||||||
Additional Information
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley toll-free at 1-866-718-1649, Citigroup at 1-212-723-6171, Goldman, Sachs & Co. toll-free at 1-866-471-2526, Barclays toll-free at 1-888-603-5847, BofA Merrill Lynch toll-free at 1-800-294-1322 or Natixis at 1-212-698-3108 (institutional investors).
Page 13
