logo
Plus   Neg
Share
Email

American Airlines Proposes Offering Of $1.5 Bln Senior Secured Notes, New $500 Mln Term Loan

American Airlines Group Inc. (AAL) announced a proposed private offering of $1.5 billion aggregate principal amount of secured senior notes due 2025.

The company also said it intends to enter into a new $500 million Term Loan B Facility due 2024 concurrently with the closing of the offering of the Notes.

American Airlines plans to use a portion of the net proceeds from the offering of the Notes and borrowings under the Term Loan to refinance its delayed draw term loan facility that was entered into on March 18, 2020 and scheduled to mature on March 17, 2021.

The remainder of the proceeds will be used for general corporate purposes and to enhance the company's liquidity position.

According to the company, the final terms and amounts of the Notes and the Term Loan are subject to market and other conditions, and may be materially different than expectations.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT