Published on 9/10/2015 in the Prospect News Investment Grade Daily.
New Issue: American Airlines sells upsized $1.06 billion class AA, A, B pass-throughs
By Aleesia Forni
Virginia Beach, Sept. 10 – American Airlines, Inc. priced an upsized $1,061,768,000 offering of class AA, class A and class B pass-through certificates, series 2015-2, according to a market source
The deal includes $583,226,000 of 3.6% class AA certificates (Aa3/AA) priced at par with a final expected distribution date of Sept. 22, 2027.
Also, there is $239,271,000 of 4% class A certificates (A2/A) sold at par with a final expected distribution date of Sept. 22, 2027.
A $239,271,000 tranche of 4.4% class B certificates (Baa3/BBB) priced at par and carries a final expected distribution date of Sept. 22, 2023.
The deal was upsized from $888.74 million.
Morgan Stanley & Co. LLC is the structuring agent and lead bookrunner.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Barclays, BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole Securities and J.P. Morgan Securities LLC are the joint bookrunners.
Proceeds will be used to acquire equipment notes that will be issued to finance the purchase of three Airbus A319-112 aircraft delivered from April 2015 to June 2015, nine Airbus A321-231 aircraft delivered from April 2015 to August 2015, three Boeing 737-823 aircraft delivered from March 2015 to June 2015, one Boeing 777-323ER aircraft delivered in February 2015 and three Boeing 787-8 aircraft delivered from February 2015 to August 2015.
The commercial airline, which is a subsidiary of AMR Corp., is based in Fort Worth, Texas.
| Issuer: | American Airlines Inc.
|
| Issue: | Pass-through certificates
|
| Amount: | $1,061,768,000, upsized from $888.74 million
|
| Structuring agent: | Morgan Stanley & Co. LLC
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Barclays, BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole Securities, J.P. Morgan Securities LLC
|
| Trade date: | Sept. 10
|
| Distribution: | SEC registered
|
|
|
| Class AA certificates
|
| Amount: | $583,226,000
|
| Final expected distribution date: | Sept. 22, 2027
|
| Coupon: | 3.6%
|
| Price: | Par
|
| Yield: | 3.6%
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
|
|
| Class A certificates
|
| Amount: | $239,271,000
|
| Final expected distribution date: | Sept. 22, 2023
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Class B certificates
|
| Amount: | $239,271,000
|
| Final expected distribution date: | Sept. 22, 2027
|
| Coupon: | 4.4%
|
| Price: | Par
|
| Yield: | 4.4%
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
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