By Cristal Cody
Tupelo, Miss., July 31 – American Airlines, Inc. priced an upsized $796,898,000 offering of class AA and class A pass-through certificates, series 2017-2, on Monday, according to a market source.
The company sold $544,644,000 of 3.35% class AA certificates (Aa3//AA) at a spread of Treasuries plus 105.9 basis points.
American Airlines priced $252,254,000 of 3.6% class A certificates (A2//A) at a Treasuries plus 130.9 bps spread.
The deal was upsized from $638,914,000, or $436,669,000 of class AA certificates and $202,245,000 of class A certificates, according to an FWP filed with the Securities and Exchange Commission.
Both tranches have a final distribution date of Oct. 15, 2029 and an 8.7-year weighted average life. The final legal distribution date for both classes is April 15, 2031.
Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the structuring agents and lead bookrunners.
Proceeds will be used to finance 30 aircraft that were delivered new to American Airlines between October 2015 and August 2016 or are scheduled to be delivered between September 2017 and April 2018.
The commercial airline, which is a subsidiary of AMR Corp., is based in Fort Worth, Texas.
| Issuer: | American Airlines, Inc.
|
| Amount: | $796,898,000
|
| Description: | Pass-through certificates
|
| Lead bookrunners: | Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Credit Agricole Securities, ICBC and U.S. Bancorp Investments Inc.
|
| Co-manager: | Academy Securities Inc.
|
| Trade date: | July 31
|
| Distribution: | SEC registered
|
|
|
| Class AA certificates
|
| Amount: | $544,644,000
|
| Maturity: | Oct. 15, 2029
|
| Coupon: | 3.35%
|
| Spread: | Treasuries plus 105.9 bps
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA
|
|
|
| Class A certificates
|
| Amount: | $252,254,000
|
| Maturity: | Oct. 15, 2029
|
| Coupon: | 3.6%
|
| Spread: | Treasuries plus 130.9 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
