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American Airlines Prices Common Stock, Convertible Notes Offerings

American Airlines Group Inc. (AAL) has priced its underwritten public offering of 74.1 million shares of its common stock, or approximately $1 billion of shares of its common stock, at a public offering price of $13.50 per share and its underwritten public offering of $1 billion aggregate principal amount of 6.50% convertible senior notes due 2025. The size of the common stock offering was increased from the previously announced $750 million of shares of common stock and the aggregate principal amount of the Convertible Notes Offering was increased from the previously announced $750 million.

The aggregate net proceeds to the company, after deducting underwriting discounts and other offering expenses, are expected to be approximately $1.936 billion. American Airlines Group expects to use the net proceeds for general corporate purposes and to enhance the liquidity position. Both of the common stock offering and the convertible notes offering are expected to close on June 25, 2020.

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