America West Privately Places $427 Million Of Pass Through Certificates

America West Airlines, Inc., (NYSE: AWA)
today announced the completion of a private placement of $427 million of
Enhanced Equipment Trust Certificates issued in connection with the financing
of 14 Airbus A319 and A320 aircraft.

The certificates were issued in three classes, including $325 million of
7.10 percent Class G Certificates, $57 million of 8.37 percent Class C
Certificates and $45 million of floating rate Class D Certificates.  The
combined effective interest rate on the $427 million is 7.66 percent.
Additional details about the certificates are described in the attachment to
this press release.

This press release does not constitute an offer to sell or a solicitation
of an offer to buy securities. The certificates were issued only to qualified
institutional buyers.  The certificates have not been registered under U.S. or
state securities laws and may not be offered, sold or resold in the United
States absent registration or an applicable exemption from the registration
requirements.

The pass through trust certificates were issued by separate pass through
trusts that will hold equipment notes issued upon delivery of each financed
aircraft.  The equipment notes will be secured by a security interest in the
aircraft.  The equipment notes will be issued in connection with either a
leveraged lease financing or a mortgage financing of the relevant aircraft, at
America West`s election.

Ambac Assurance Corporation will issue an insurance policy to support the
payment of principal and interest on the Class G certificates.
 
The nine Airbus A319 and five A320 aircraft that are the subject of this
financing are scheduled to be delivered to America West between May 2001 and
May 2002.

ADVERTISEMENT

America West Airlines, the nation`s ninth-largest carrier, serves 92
destinations with more than 900 daily departures in the U.S., Canada and
Mexico.  Along with its codeshare partners, America West serves more than 180
destinations worldwide.  America West Airlines is a wholly owned subsidiary of
America West Holdings Corporation, an aviation and travel services company
with 2000 sales of $2.3 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.


This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that involve risks and
uncertainties that could cause America West`s actual results and financial
position to differ materially from these statements.  The ris a*uerine3nc€debuarnolit%tothCyic n urofhehrnejdtr cpeti x€ctesn$e dubyvhimctf ans
fl ic, naonwi@ uonedmpye gerdyndhempt 
t`pce o negotiation of labor contracts on the company`s operations, the
outcomd of`negotiations of collectmve bargainine agreements and thå impact ofthese agreements on labor costs, thE impact of industry rugul`tion and other
factors described from time to time in the company`s publicly available SEC
reports.  The company undertakes no obligation to publicly update any forward-
looking statement to reflect events or circumstances that may arise after the
date of this press release.

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