American Airlines $850 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Nov. 29 - American Airlines Inc. is scheduled to hold a bank meeting on Wednesday to launch its proposed $850 million credit facility, according to a market source.

As was previously reported by Prospect News, Citigroup Global Markets Inc. and JPMorgan Chase are joint lead arrangers on the deal, with Citigroup the left lead.

The facility consists of a $600 million revolver talked in the Libor plus 525 basis points area and a $250 million term loan B talked in the Libor plus 600 basis points area, the source said.

Proceeds will be used to refinance the Fort Worth, Texas-based airline's existing $834 million facility.

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