American airlines announces proposed offering of senior secured notes and new term loan by american and its aadvantage subsidiary

Fort worth, texas, march 08, 2021 (globe newswire) -- american airlines group inc. (nasdaq: aal) (the “company”) today announced that the company's subsidiary, american airlines, inc. (“american”), and aadvantage loyalty ip ltd., a newly formed cayman islands exempted company incorporated with limited liability and an indirect wholly owned subsidiary of the company and american, intend to commence a private offering to eligible purchasers of $2,500,000,000 senior secured notes due 2026 and $2,500,000,000 senior secured notes due 2029 (collectively, the “notes”) and to enter into a $2,500,000,000 senior secured term loan credit facility (the “new aadvantage term loan facility”) concurrent with the closing of the offering of the notes. american and aadvantage loyalty ip ltd. will be co-issuers of the notes and co-borrowers under the new aadvantage term loan facility. the notes and the new aadvantage term loan facility will be guaranteed by the company and certain of the company's subsidiaries. the offering of the notes is not conditioned upon the closing of the new aadvantage term loan facility, and the closing of the new aadvantage term loan facility is not conditioned upon the closing of the offering of the notes. the final terms and amounts of the notes and the new aadvantage term loan facility are subject to market and other conditions and may be materially different than expectations.
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