American Airlines Announces Pricing of Senior Secured Notes
17 Noviembre 2023 - 3:30PM
American Airlines, Inc. (the “Company”), a subsidiary of American
Airlines Group Inc. (the “Parent”)(NASDAQ: AAL), today announced
that it priced $1.0 billion aggregate principal amount of its 8.50%
senior secured notes due 2029 (the “Notes”), representing an upsize
of $250.0 million from the previously announced offering amount.
The Notes will have an interest rate of 8.50% per annum and are
being issued at par. Concurrent with the issuance of the Notes, the
Company also expects to borrow up to $1.1 billion in aggregate
principal amount of term loans (the “Term Loan”) under a new senior
secured credit facility, subject to customary closing conditions,
representing an increase of $350.0 million from the previously
announced size of the Term Loan. The offering of the Notes is
expected to close on December 4, 2023, subject to customary closing
conditions. The Term Loan is also expected to be consummated on or
around December 4, 2023, subject to customary closing conditions.
The Company expects to use the net proceeds from the offering of
the Notes, together with the net proceeds from the Term Loan and
cash on hand, to redeem all of its outstanding 11.75% Senior
Secured Notes due 2025 (the “11.75% Senior Secured Notes”).
The Notes and the Term Loan will be secured on a first lien
basis by the same collateral that currently secures the 11.75%
Senior Secured Notes on a first lien basis, consisting of certain
slots, gates and routes that the Company uses to provide nonstop
scheduled air carrier services between certain airports in the
United States and certain airports in Australia, Canada, the
Caribbean, Central America, China, Hong Kong, Japan, Mexico, South
Korea, and Switzerland. The Notes and the Term Loan will be
guaranteed on a senior unsecured basis by the Parent.
The Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers, as defined in, and
in reliance on Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”) and to non-U.S. persons in offshore
transactions outside the United States in reliance on Regulation S
under the Securities Act. The Notes will not be registered under
the Securities Act or any other securities laws of any jurisdiction
and will not have the benefit of any exchange offer or other
registration rights. The Notes may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes nor shall there be
any sale of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful. This press release is being
issued pursuant to and in accordance with Rule 135c under the
Securities Act. Neither this press release nor anything contained
herein shall constitute a notice of redemption with respect to the
11.75% Senior Secured Notes.
Cautionary Statement Regarding Forward-Looking
StatementsCertain of the statements contained or referred
to herein, including those regarding the proposed offering and the
Term Loan, should be considered forward-looking statements within
the meaning of the Securities Act of 1933, as amended, the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by words such as “may,” “will,”
“expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,”
“project,” “could,” “should,” “would,” “continue,” “seek,”
“target,” “guidance,” “outlook,” “if current trends continue,”
“optimistic,” “forecast” and other similar words. Such statements
include, but are not limited to, statements about the Company’s
plans, objectives, expectations, intentions, estimates and
strategies for the future, and other statements that are not
historical facts. These forward-looking statements are based on the
Company’s current objectives, beliefs and expectations, and they
are subject to significant risks and uncertainties that may cause
actual results and financial position and timing of certain events
to differ materially from the information in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, those set forth herein as well as in American Airlines
Group Inc.’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023 (especially in Part I, Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations and Part II, Item 1A. Risk Factors), and other risks and
uncertainties listed from time to time in the Company’s other
filings with the Securities and Exchange Commission. Additionally,
there may be other factors of which the Company is not currently
aware that may affect matters discussed in the forward-looking
statements and may also cause actual results to differ materially
from those discussed. The Company does not assume any obligation to
publicly update or supplement any forward-looking statement to
reflect actual results, changes in assumptions or changes in other
factors affecting these forward-looking statements other than as
required by law. Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statement.
Investor Relationsinvestor.relations@aa.com
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