Davis Polk advised UBS Securities LLC as sole bookrunning manager in connection with an SEC-registered offering by Hawaiian Holdings, Inc. (Hawaiian Holdings) of an aggregate principal amount of $86.25 million of 5.00% convertible senior notes due 2016, which included $11.25 million aggregate principal of notes from the full exercise of the underwriters' over-allotment option. In addition, Davis Polk advised UBS AG and JPMorgan Chase Bank, National Association as counterparties to convertible note hedge and warrant transactions with Hawaiian Holdings in connection with the convertible senior notes offering.

Hawaiian Holdings is the parent company of Hawaiian Airlines, Inc. (Hawaiian). Now in its 82nd year of continuous service in Hawaii, Hawaiian is the largest provider of passenger air service to Hawaii from the state’s primary visitor markets on the U.S. mainland. Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities (10) than any other airline, as well as service to South Korea, Japan, the Philippines, Australia, American Samoa and Tahiti. Hawaiian also provides approximately 150 daily jet flights between the Hawaiian Islands.

The Davis Polk capital markets team included partner Joseph A. Hall and associates Andreea Stan, Lauren N. Gillespie (not yet admitted) and Ryan G. Mitteness (not yet admitted). The Davis Polk equity derivatives team included partner Mark M. Mendez and associates James Chenard, Barry J. Gewolb and Alison A. Haggerty (not yet admitted). Partner Lucy W. Farr and associate Juelle Gomes provided tax advice. The environmental team included counsel Loyti Cheng and associate Connor Kuratek (not yet admitted). Joshua Sills was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.