fwp
 

Filed Pursuant to Rule 433
Registration No. 333-126738
Dated September 19, 2007
Southwest Airlines Co.
(NYSE Symbol: LUV)
Pass Through Certificates, Series 2007-1
Pricing Term Sheet
                 
            Class B Pass Through Certificates,
            Series 2007-1 (“Class B
            Certificates”, and together with
    Class A Pass Through Certificates,   Class A Certificates, the
Securities:   Series 2007-1 (“Class A Certificates”)   “Certificates”)
 
                
Principal Amount:
  $412,100,000   87,900,000
 
                
Final Expected
Distribution Date:
  August 1, 2022   August 1, 2022
 
                
Public Offering
Price:
  100%   100%
 
                
Ratings
(Moody’s/S&P):
  Aa3/AA–   Baa1/A
 
                
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
 
                
CUSIP:
  84474Y AA4   84474Y AB2
 
                
ISIN:
  US84474YAA47   US84474YAB20
 
                
Coupon/Stated
Interest Rate:
  6.15%   6.65%
 
                
Liquidity Facility
Initial Maximum
Commitment Amount:
  $38,016,225     N/A  
 
                
Make-Whole
Spread (used to
calculate Make-
Whole Amount):
  0.30%   0.40%
 
                

 

         
Underwriting
Commission:
  $3,250,000    
 
Structuring Fee:
  $600,000    
 
         
    Class A Certificates   Class B Certificates
Concession to
Selling Group
Members:
  0.475%   0.475%
 
        
Discount to
Brokers/Dealers:
  0.250%   0.250%
 
        
Underwriting
Agreement:		   Dated September 19, 2007
 
        
Trade Date:   September 19, 2007
 
        
Settlement Date:   October 3, 2007 (T+10) closing date, the tenth business day following the date hereof
 
        
Preliminary
Prospectus
Supplement:		   Southwest has prepared a Preliminary Prospectus Supplement, dated September 19, 2007, which includes additional information regarding the Certificates.
 
        
Joint Bookrunners:   Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc.
 
        
Co-Managers:   Comerica Securities, Inc.,
SG Americas Securities, LLC and
UBS Securities LLC
     The issuer has filed a registration statement (including a base prospectus and a preliminary prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and other documents it incorporates by reference that the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the final prospectus if you request it by calling toll-free: Morgan Stanley at (866) 718-1649 (institutional investors) or Citigroup Global Markets Inc. at (877) 858-5407.