Published on 9/3/2014 in the Prospect News Investment Grade Daily.
New Issue: American Airlines prices $956.88 million class A, B pass-throughs
By Aleesia Forni
Virginia Beach, Sept. 3 – American Airlines, Inc. priced a $956,884,000 offering of class A and class B pass-through certificates, series 2014-1, according to an informed source.
The deal includes $741,460,000 of 3.7% class A certificates (/A/) priced at par with a final expected regular distribution date of Oct. 1, 2026.
There is also $215,424,000 of 4.375% class B certificates (/BBB-/) priced at par with a final expected regular distribution date of Oct. 1, 2022.
Goldman Sachs & Co. was the structuring agent and lead bookrunner.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Credit Agricole Securities and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to acquire equipment notes that will be issued to finance the purchase of five Airbus A319-112 aircraft delivered new to American in 2013, seven Airbus A321-231 aircraft delivered new to American in 2014 and five Boeing 777-323ER aircraft delivered new to American from 2012 to 2014.
The commercial airline, which is a subsidiary of AMR Corp., is based in Fort Worth, Texas.
| Issuer: | American Airlines Inc.
|
| Issue: | Pass-through certificates, series 2014-1
|
| Amount: | $956,884,000
|
| Lead bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Credit Agricole Securities, J.P. Morgan Securities LLC
|
| Trade date: | Sept. 2
|
| Settlement date: | Sept. 16
|
| Distribution: | SEC-registered
|
|
|
| Class A certificates
|
| Amount: | $741,460,000
|
| Final expected distribution date: | Oct. 1, 2026
|
| Coupon: | 3.7%
|
| Price: | Par
|
| Yield: | 3.7%
|
| Price talk: | 3.75% area
|
| Ratings: | Standard & Poor’s: A
|
|
|
| Class B certificates
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| Amount: | $215,424,000
|
| Final expected distribution date: | Oct. 1, 2022
|
| Coupon: | 4.375%
|
| Price: | Par
|
| Yield: | 4.375%
|
| Price talk: | 4.5% area
|
| Ratings: | Standard & Poor’s: BBB-
|
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