US Airways secures $1.6B in debt refinancing

US Airways Group Inc. has reached an agreement with Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. to borrow up to $1.6 billion.

The funds would allow the airline to refinance $1.25 billion of its senior secured debt and $325 million of unsecured debt.

US Airways, which operates its largest hub at Charlotte/Douglas International Airport, expects to complete the transaction by the end March.

Arizona-based US Airways (NYSE:LCC) is the fifth-largest domestic airline. The carrier, with 37,000 employees, operates 3,800 flights per day to more than 230 destinations in the United States, Canada, Europe, the Caribbean and Latin America.