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American Airlines launches $990 million loan at Libor plus 200 bps
By Sara Rosenberg
New York, Oct. 18 – American Airlines Inc. launched on Wednesday a $990 million senior secured term loan due April 28, 2023 with price talk of Libor plus 200 basis points with a 0% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months.
Barclays, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Credit Agricole, U.S. Bank, BNP Paribas Securities Corp., ICBC, Sumitomo, Standard Chartered Bank and Texas Capital Bank are the bookrunners on the deal.
Commitments are due at 5 p.m. ET on Oct. 26, the source added.
Proceeds will be used to reprice an existing term loan due 2023 from Libor plus 250 bps with a 0.75% Libor floor.
American Airlines is a Fort Worth, Texas-based airline company.
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