Despite bad timing, the first-ever EETC from Southwest Airlines Co. went exceptionally well, sources close to the deal said, adding that the senior tranches were each approximately seven times oversubscribed. "The deal was a blowout - we announced it (Thursday) morning and then launched five- to seven inside of initial talk," said a banker working on the deal.

The $614 million offering came on the heels of the company's positive third-quarter earnings statement, reporting a $150.9 million profit, or 19 cents a share, in line with analysts' expectations. Many investors were tuned into a conference call following the earnings release, the outcome of which was that Southwest has held up nicely to the adversities facing the airline industry.

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