American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (August 2019)
15 slides from American Airlines's IPO roadshow presentation, Aug 1, 2019
Slide 1: American Airlines, Inc. Pass Through Certificates, Series 2019-1 Investor Presentation
American Airlines, Inc. Pass Through Certificates, Series 2019-1 Investor Presentation August 1, 2019 Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No, 333-216167-01 August 1, 2019
Slide 2: Cautionary Statement Regarding Forward-Looking Statements and Information
Cautionary Statement Regarding Forward-Looking Statements and Information This document includes forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These f
Slide 3: Transaction Overview
Transaction Overview American Airlines, Inc. (“American”) intends to raise up to $1,096,508,000 in aggregate proceeds through an offering of Series 2019-1 Pass Through Certificates (the “Certificates”) in three classes: Class AA Certificates: $578,712,000 Class A Certificates: $289,358,000 Class B C
Slide 4: 2019-1 EETC Structural Summary
2019-1 EETC Structural Summary 2 Class AA Class A Class B Initial Face Amount $578,712,000 $289,358,000 $228,438,000 Expected Ratings (Moody’s / S&P) Aa3 / AA A2 / A Baa3 / BBB- Initial LTV / Maximum LTV1 37.4% / 37.4% 56.2% / 56.2% 70.3% / 70.3% Weighted Average Life 8.7 years 8.7 years 5.6 years R
Slide 5: Key Structural Elements
Key Structural Elements1 Three Classes of Certificates Offered Three tranches of amortizing debt, each of which will benefit from a liquidity facility covering three semi-annual interest payments Waterfall Interest on Eligible Pool Balance of the Class A Certificates is paid ahead of principal on th
Slide 6: Overview of the Collateral Pool
Overview of the Collateral Pool
Slide 7: Aircraft Collateral Summary – Appraised Values
Aircraft Collateral Summary – Appraised Values 5 Aircraft Number Aircraft Type Narrow / Wide / Regional Registration # MSN Delivery Date Appraised Value ($MM) AISI BK MBA LMM2 1 A321-231S Narrowbody N152AA 6887 December 2015 41,420,000 42,900,000 45,280,000 42,900,000 2 A321-231S Narrowbody N157AA 6
Slide 8: Collateral Breakdown
By Delivery Date: 2.1 Years Average Age3 Collateral Breakdown1,2 6 Aircraft by Type Narrowbody / Widebody / Regional Jet New Deliveries / In-Service Aircraft NB: Narrowbody WB: Widebody RJ: Regional Jet 1 The appraised value of each aircraft set forth above is the lesser of the average and median ap
Slide 9: Collateral Aircraft Assessment
Collateral Aircraft Assessment 7 E175LR A321-253NX (A321neo) A321-231S (A321ceo) 787-8 737-800 In-service fleet of over 576 aircraft; backlog of 192 Demand for Embraer E175LR aircraft has been strong as major U.S. airlines placed significant new orders and contracts for 76-seaters to replace 50- sea
Slide 10: The Airbus A321-231S is well positioned to take advantage of traffic growth
The Airbus A321-231S is well positioned to take advantage of traffic growth Airbus A321-231S (A321ceo) 8 Source: Ascend Market Commentary as of 2Q 2019. The A321ceo offers lower seat-mile costs compared to 150-seaters plus more capacity at slot or gate-constrained airports Sharklets (installed on al
Slide 11: Airbus A321-253NX (A321neo)
Airbus A321-253NX (A321neo) 9 Source: Ascend Market Commentary as of 2Q 2019. The A321neo is expected to continue the A320 heritage of being one of the most marketable aircraft with compelling economics that will be at top of the single-aisle market Expected to develop global population with operato
Slide 12: Boeing 737-800
Lessors # of Aircraft 1 AerCap 214 2 GECAS 189 3 SMBC Aviation Capital 161 4 ICBC Leasing 136 5 BBAM 126 Total 826 Boeing 737-800 10 Source: Ascend Market Commentary as of 2Q 2019. Considered the most liquid single-aisle aircraft today Over 4,750 in operation with 190 operators, and a backlog of 95
Slide 13: Boeing 787-8
Boeing 787-8 11 Source: Ascend Market Commentary as of 2Q 2019. Includes 787-9 and 787-10 aircraft. Well placed in the middle of the market and well distributed between full service, low-cost and leisure airlines Predicted demand of almost 5,900 intermediate-size passenger widebodies, including 787
Slide 14: Embraer E175LR
Embraer E175LR 12 Source: Ascend Market Commentary as of 2Q 2019. Includes all E170/E175 aircraft In-service fleet of 576 E175LR aircraft, with 192 on order Demand for Embraer E175LR aircraft has been strong as major U.S. airlines continue to place significant new orders and contracts American’s tot
Slide 15: Slide 15