American Airlines fully repays $1.18 billion term loans due 2023

By William Gullotti

Buffalo, N.Y., Dec. 19 – American Airlines Group Inc. and subsidiary American Airlines, Inc. announced repayment in full on Monday of $1,175,000,000 of outstanding term loans under its credit and guaranty agreement dated Dec. 15, 2016 with Citibank NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The term loans were scheduled to mature in December 2023.

The prepayment increased the company’s first-lien borrowing capacity by the same amount to an estimated $10.3 billion. Following the transaction, the company expects to achieve more than $7.5 billion of its $15 billion total debt reduction target by year-end 2022, which is only 18 months into its deleveraging program.

The company is a Fort Worth-based airline.

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