America West Airlines, Inc., (NYSE: AWA)
announced today the completion of its private offering of $190.5 million of
Enhanced Pass Through Trust Certificates issued in connection with financing
six Airbus A319 aircraft and two A320 aircraft.  The transaction closed on
Oct. 6, 1998.

“Considering the turmoil in the financial markets, America West is very
pleased with the completion of this transaction and the pricing of the
Certificates,” said W. Douglas Parker, senior vice president and chief
financial officer.  “The transaction reflects the confidence of the markets in
America West`s financial condition and strategy.”
 

  The Pass Through Certificates were issued in three classes, including
$131.7 million of 6.87 percent Class A Certificates, $41.1 million of 7.12
percent Class B Certificates and $17.7 million of 7.84 percent Class C
Certificates.  The combined effective interest rate on the $190.5 million is
6.99 percent.  Additional details about the Certificates are described in the
attachment to this press release.
 
The aircraft that are the subject of this financing will be delivered
between October 1998 and August 1999 and will be used to continue America
West`s strategic growth plan.  The Airline has successfully increased revenues
by more than 30 percent since 1995 by adding scheduled service primarily from
its Phoenix and Las Vegas hubs to long-haul, domestic business markets.  The
new aircraft will be used to continue this expansion, primarily through
building frequencies in these underserved business markets throughout the
United States.

The Pass Through Certificates were issued by separate pass through trusts
which will hold equipment notes issued upon delivery of the financed aircraft
which will be secured by a security interest in such aircraft.  The equipment
notes will be issued in respect of, at America West`s election, a leveraged
lease financing or a mortgage financing of the relevant aircraft.
 
The securities were underwritten by a syndicate led by Morgan Stanley Dean
Witter and co-managed by Donaldson, Lufkin & Jenrette; Merrill Lynch & Co. and
Salomon Smith Barney.

This press release contains forward-looking statements within the meaning
of the Securities Litigation Reform Act that involve risks and uncertainties,
including competitive practices in the industry, the impact of changes in fuel
prices, relationships with employees, the impact of industry regulation and
other factors described from time to time in the Company`s publicly available
SEC reports, which could cause actual results to differ materially.
 
America West Airlines, the nation`s ninth largest carrier, serves more
than 90 destinations in the U.S., Canada and Mexico.  For the second
consecutive year, America West ranked the number one carrier in customer
satisfaction for short flights in the Frequent Flyer magazine/J.D. Power and
Associates Airline Customer Satisfaction Study—U.S. Flights.  America West
also ranked number one in baggage handling as recorded in the 1997 Air Travel
Consumer Report published by the U.S. Department of Transportation.
 
America West Airlines is a wholly owned subsidiary of America West
Holdings Corporation, an aviation and travel services company with 1997 sales
of $1.9 billion.

This press release, as well as releases issued in the past year by America
West Holdings and its affiliates, can be accessed on the America West Internet
site at http://www.americawest.com.

——-