Published on 2/26/2015 in the Prospect News High Yield Daily.
New Issue: American Airlines prices $500 million 4 5/8% five-year bullet at par
By Paul A. Harris
Portland, Ore., Feb. 26 – American Airlines Group Inc. priced a $500 million issue of non-callable five-year senior notes (B3/B/) at par to yield 4 5/8% on Thursday, according to a market source.
The yield printed at the tight end of the 4 5/8% to 4 7/8% yield talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp. and Credit Agricole CIB were the joint bookrunners for the Rule 144A and Regulation S for life offering.
The Fort Worth, Texas-based airline plans to use the proceeds for general corporate purposes.
Issuer: | American Airlines Group Inc.
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Amount: | $500 million
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Maturity: | March 1, 2020
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Credit Agricole CIB
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Coupon: | 4 5/8%
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Price: | Par
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Yield: | 4 5/8%
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Spread: | 310 bps
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Call protection: | Non-callable
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Trade date: | Feb. 26
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Settlement date: | March 5
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4 5/8% to 4 7/8%
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Marketing: | Quick to market
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