Southwest Borrows $600 Million to Shore Up Cash Position
Quote:
Southwest Airlines borrows $600 million
The Associated Press May 12, 2008, 6:53PM ET
Southwest Airlines Co. said Monday it borrowed $600 million from Citibank and seven European banks to bolster its cash position in the face of economic uncertainty and soaring fuel prices.
The airline disclosed in a regulatory filing that it tapped the full amount of the loans on Friday.
The loans were secured by the first-lien mortgages on 21 of Southwest's Boeing 737-700 aircraft. [
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