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AMR sets spread on $1.9 billion loan at Libor plus 300 bps, cuts floor
By Sara Rosenberg
New York, Dec. 12 - AMR Corp. (American Airlines) firmed pricing on its $1.9 billion debtor-in-possession/exit financing term loan at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, and lowered the Libor floor to 0.75% from 1%, according to a market source.
As before, the loan has a par offer price and 101 soft call protection for six months.
Recommitments were due at 2 p.m. ET on Thursday, the source said.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 375 bps with a 1% Libor floor.
AMR is a Fort Worth, Texas-based airline company.
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