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American Airlines widens OID on $1.83 billion term loan to 99.625
By Sara Rosenberg
New York, May 10 – American Airlines Inc. revised the original issue discount on its $1,825,000,000 senior secured term loan (BB+) due June 27, 2025 to 99.625 from 99.75, according to a market source.
Pricing on the loan remained at Libor plus 175 basis points with a 0% Libor floor, and the debt still has 101 soft call protection for six months.
Barclays is the arranger on the deal. Deutsche Bank Securities Inc. is the administrative agent.
Final commitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.
Proceeds will be used to amend and extend an existing term loan B due 2020 that is priced at Libor plus 200 bps with a 0% Libor floor.
American Airlines is a Fort Worth-based airline company.
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