Published on 9/26/2017 in the Prospect News Investment Grade Daily.
New Issue: American Airlines prices $220.72 million pass-through certificates at par to yield 3.7%
By Cristal Cody
Tupelo, Miss., Sept. 26 – American Airlines, Inc. priced a $220,723,000 offering of 3.7% series 2017-2B pass-through certificates (Baa3/BBB) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the structuring agents and lead bookrunners.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., ICBC Standard Bank, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Credit Agricole Securities, Standard Chartered Bank and SMBC Nikko Securities America, Inc. were bookrunners.
Proceeds will be used to acquire the company’s series B equipment notes which were used to help finance 20 aircraft.
The commercial airline and subsidiary of AMR Corp. is based in Fort Worth, Texas.
| Issuer: | American Airlines, Inc.
|
| Amount: | $220,723,000
|
| Description: | Pass-through certificates
|
| Lead bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co.
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., ICBC Standard Bank, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Credit Agricole Securities, Standard Chartered Bank and SMBC Nikko Securities America, Inc.
|
| Co-manager: | U.S. Bancorp Investments Inc.
|
| Final distribution date: | Oct. 15, 2025
|
| Final legal distribution: | April 15, 2027
|
| Average life: | 5.4 years
|
| Coupon: | 3.7%
|
| Price: | Par
|
| Yield: | 3.7%
|
| Call feature: | Make-whole call at Treasuries plus 30 bps
|
| Trade date: | Sept. 26
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | SEC registered
|
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