American Airlines has closed the debt portion of its “liquidity grab”, the $2.5 billion of senior secured notes were priced at 11.75%. The airlines used roughly $1 billion of the proceeds to refinance a delayed draw term loan credit agreement according to a stock exchange filing, while the balance will be used for general corporate purposes and to strengthen the carrier’s liquidity position. The notes are first secured against rights and related to schedule and airports in the United States, Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea, and Switzerland. American may be required to

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