By Cristal Cody
Chicago, Oct. 26 – American Airlines, Inc. priced an upsized $757,825,000 of 2.875% pass-through certificates, series 2021-1, (Baa1/A-/A) on Monday, according to an FWP filed with the Securities and Exchange Commission and additional information from a market source.
The deal was upsized from $591,913,000. Pricing was expected in the low- to mid-3% area.
The certificates priced with a spread of 123.5 basis points over Treasuries.
The certificates have a final distribution date of July 11, 2034 and a nine-year weighted average life. The final legal distribution date for the certificates is Jan. 11, 2036.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are leading the sale.
Proceeds will be used to purchase equipment notes.
The commercial airline, which is a subsidiary of AMR Corp., is based in Fort Worth.
| Issuer: | American Airlines, Inc.
|
| Amount: | $757,825,000
|
| Description: | Pass-through certificates, series 2021-1
|
| Maturity: | July 11, 2034
|
| Lead bookrunners: | Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Coupon: | 2.875%
|
| Spread: | Treasuries plus 123.5 bps
|
| Trade date: | Oct. 25
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Guidance: | Low- to mid-3% area
|
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