Published on 9/26/2017 in the Prospect News Investment Grade Daily.
New Issue: American Airlines prices $220.72 million pass-through certificates at par to yield 3.7%
By Cristal Cody
Tupelo, Miss., Sept. 26 – American Airlines, Inc. priced a $220,723,000 offering of 3.7% series 2017-2B pass-through certificates (Baa3/BBB) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the structuring agents and lead bookrunners.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., ICBC Standard Bank, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Credit Agricole Securities, Standard Chartered Bank and SMBC Nikko Securities America, Inc. were bookrunners.
Proceeds will be used to acquire the company’s series B equipment notes which were used to help finance 20 aircraft.
The commercial airline and subsidiary of AMR Corp. is based in Fort Worth, Texas.
Issuer: | American Airlines, Inc.
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Amount: | $220,723,000
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Description: | Pass-through certificates
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Lead bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co.
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Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., ICBC Standard Bank, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Credit Agricole Securities, Standard Chartered Bank and SMBC Nikko Securities America, Inc.
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Co-manager: | U.S. Bancorp Investments Inc.
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Final distribution date: | Oct. 15, 2025
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Final legal distribution: | April 15, 2027
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Average life: | 5.4 years
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Coupon: | 3.7%
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Price: | Par
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Yield: | 3.7%
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Call feature: | Make-whole call at Treasuries plus 30 bps
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Trade date: | Sept. 26
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Settlement date: | Oct. 5
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Ratings: | Moody’s: Baa3
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| S&P: BBB
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Distribution: | SEC registered
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