American Airlines Prices $956.8M of EETCs

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American Airlines has priced $956.8 million of aircraft enhanced equipment trust certificates (EETCs), according to deal documents, according to a regulatory filing.

EETCs are backed both by aircraft and by the credit of the owner of the aircraft. Goldman Sachs is lead manager on the deal, American Airlines 2014-1.

The $741.46 million of class A notes due Oct. 1, 2026 have a coupon of 3.7% and a “make-whole” spread over Treasuries of 25 basis points.

The $215.42 million of class B notes due Oct. 1, 2022 have a coupon of 4.375% and a
make whole” spread over Treasuries of 50 basis points.

The certificates are backed by perfected first priority security interest in five Airbus A319-112 aircraft delivered new to American in 2013, seven Airbus A321-231 aircraft delivered new to American in 2014, and five Boeing 777-323ER aircraft delivered new to American from 2012 to 2014.


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