American Airlines has priced $828.6 million of enhanced equipment trust certificates (EETC), due 2028.
The notes consist of a $567.36 million AA tranche and a $261.28 million A tranche.
The AA tranche carries a coupon of 3.20% with a loan-to-value (LTV) of 38.6%.
The A tranche carries a coupon of 3.65% with an LTV of 56.4%.
The notes are secured against 18 narrowbodies and four widebodies. The collateral pool includes 11 A321-200s and seven 737-800s, some of which delivered in 2015 and the rest of which will deliver between May and August 2016; two 777-300ERs that delivered in February and March 2016; and two 787-8s that are scheduled for delivery in May 2016.
Credit Suisse and Deutsche Bank are joint structuring agents and lead bookrunners.
Citigroup, Goldman Sachs and Morgan Stanley are joint active bookrunners.
Bank of America Merrill Lynch, Barclays, JP Morgan, BNP Paribas and Credit Agricole are joint bookrunners.
US Bancorp is acting as co-manager.
KfW Ipex-Bank is the liquidity provider.
Wilmington Trust Corporation is acting as trustee, loan trustee and subordination agent.
The issuance is American Airlines’ second EETC of the year. In January, the carrier closed a $1.07 billion EETC that also included a AA tranche. The overall arrangers for that issuance were Citigroup and Goldman Sachs.
To see all of American Airlines’ recent and historic deals visit Airfinance Journal’s Deals Database.
Joe.Kavanagh@euromoneyplc.com
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