Alaska Airlines prepaid $220 million in debt during the fourth quarter, refinancing the loans with new borrowing.
The Seattle-based carrier closed $339 million in "new debt financing" from multiple lenders in the period, an annual financial filing shows. Proceeds were used to repay debt.
In addition to the prepaid debt, Alaska made $263 million in scheduled debt payments in the fourth quarter.
Long-term debt, net current maturities, at the airline decreased 3.6% to $1.62 billion during the period, the filing shows. Debt was down 28.3% year-over-year.
Cash, cash equivalents and marketable securities decreased 11.4% to $1.24 billion in the quarter. Cash was down 23.5% compared to December 2017.
Alaska had $1.64 billion in liquidity, including the $400 million available under its $516 million in credit facilities, at the end of December.
The carrier invested $460 million in capital expenditures, primarily related to delivery of two Boeing 737-900ERs and 10 Embraer 175s, in the fourth quarter.
Alaska ended 2018 with 104 unencumbered aircraft, up from 98 at the end of September.
The airline expects $750 million in capital expenditures in 2019, with 12 aircraft due. Deliveries include seven 737s, including four 737-900ERs and its first three 737 Max 9s, and four E175s from its own orderbook, and one leased Airbus A320.
Source: Cirium Dashboard
