American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (January 2017)
17 slides from American Airlines's IPO roadshow presentation, Jan 4, 2017
Slide 1: Issuer Free Writing Prospectus
Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-194685-01 January 4, 2017
Slide 2: American Airlines, Inc. 2017-1 Pass Through Certificates
American January Strictly Private 2017 Airlines, and Inc. Confidential 2017-1
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary This Private “should,” the uncertainties not increased accordance may that route to disruptions changes qualified environmental and accident perform global of in taxable assets or effect Bylaws stock Discussion Company’s differ 2supplement effectively insurance events, pilot discontinuati
Slide 4: Important offering and filing information
3Thisother The and Alternatively, 1-800-221-1037, issuer Investor documents hasPresentation the filed Citigroup issuer, a the registration any issuer highlights Global underwriter hasstatement Markets filed basic with orinformation Inc., (including any thedealer (“Citigroup”) SEC for aparticipating
Slide 5: Transaction Overview
Transaction 4A Certificates, 3x 2x 1x 5x Class American The Two 18-month Waterfall Depositary: Liquidity 1Joint merican Initial Boeing Embraer Equipment Certificates transaction’s tranches Structuring A subordinated Certificates: LTV with Facility Airlines, Liquidity will 737-800 787-8 787-9 Citiban
Slide 6: American Certificates Summary
American Class Face Expected Initial Regular Final Section Liquidity Depositary 321purchase Certificates, The Initial EachAmount Expected Legal AA Final Average LTV1 series 1110 LTV Distribution Equipment Ratings Facility 2017-1 Class Distribution Legal which /Proceeds Protection calculated of Maxim
Slide 7: Key Structural Elements
KeyEquipment Two Interest After No The All Downgrade Strategically Aircraft 6American buyout indentures equipment Structural tranches a Certificate on scheduled has Eligible right drawing core of the will Elements Note notes during amortizing right aircraft Buyout to include Pool buyout mechanics wi
Slide 8: Existing American EETC precedents comparison
Existing American Class Equipment Initial3 Maturity Notches Current Coupon Collateral 711 Body New 54321Initial American As xxERJ Initial 737-800 777-300ER 787-8 A321-231S of /A AA Type Weighted Principal Rating In-service /respective December Rating LTV 175 Above Market Max / Airlines 3.200% 3.650%
Slide 9: II. The Aircraft
8II.The Aircraft
Slide 10: Attractive Collateral Appraisals
Attractive American Appraisals 8765432Aircraft 10 11 12 13 14 15 16 17 18 1Total 9Agnew, Appraised A321-231S B737-800 B787-8 B737-800 B787-9 ERJ$1,065.6 Inc. Number 175 has Aircraft indicate value (“mba”) N817AN40635WideFeb-17120.8 N818AL40636WideMar-17120.9 N825AA40644WideJan-17141.1 LR N316PF31262
Slide 11: New Collateral Aircraft
2017-1 New1 Collateral Aircraft 13.2% 22.7% 13.8% 36.3% ERJ B787-9 B787-8 B737-800 14.0% 35.9% 150.1% Regional Wide 2Narrow 10January Based 175 collateral Body EETC Type2 on LR 2017 pool the Type2 Collateral A321-231S LMM is aircraft allrepresentative scheduled ofthat the Observations deliver base t
Slide 12: Airbus A321-200
Airbus Large -The Top 5Operators Total A321-2002 #Firm 21Source: 11 Increasingly Benefits Provides Most Sharklets A321-200ceo A321-200ceo. American CIT Delivered Backlog In of Airbus 5Orders Operators single-aisle Service Current aircraft A321-200 519 471 American Aerospace from more increase wingti
Slide 13: Boeing 737-800
Boeing Today, Over The In Range Growth 21Source: 12 American Data addition, B737-800 737-800 the of shown the 737-800 American oflast Boeing 737-800 Airlines this decade, operates for has aircraft 737-800 2017 Airlines; the aircraft ishas the the out largest and type an 737-800 workhorse ofadditiona
Slide 14: Boeing 787
The -With Recent Top resilience 45Operators Boeing #Firm 1Sources: 13 The Enables Applicable Japan GECAS Delivered Backlog 5Boeing Orders aBoeing its Operators predicted widebody 787 787-9 787-10 new American American Airlines #787 10 111 456 154 all-composite to 787 787-9 320 0169 of Key 431 625 15
Slide 15: Embraer ERJ 175
Embraer The aIn-service including -middle Top Operators 5432Lessors Total Range 1Sources: 14 Most Generous Overhead Superior Expanded result Embraer Air SkyWest Republic Compass Mesa Horizon GECAS Nordic CIT ECC 5Embraer Operators of cabin seats Lease 537 64 of Aerospace American ERJ Leasing Airline
Slide 16: American Future Fleet Replacement Plan
Fleet175 American Future A320 A350-900 B737-800 B787 Mainline ERJ Regional Source: Note: 15 Replacement Family New fleet American Total recently /12 aircraft Max deliveries - /251522 ---12 Neo 1312 57Airlines, 8--21 24 announced Plan deliveries 2650150283 ---12 20 162060120 2017 -2575120 Inc. by 201
Slide 17: Average Fleet Age
Fleet The Average 14 8218 10 16.8 14.0 13.3 16.6 14.4 10.4 9.8 16 012 Years yrs Company yrs Replacement 2013 Fleet 122014Age has 2015 one Plan2016E of the youngest 2017E fleets in the industry