American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — IPO Roadshow (July 2017)
19 slides from American Airlines's IPO roadshow presentation, Jul 31, 2017
Slide 1: American Airlines, Inc. Series 2017-2 EETC Investor Presentation
American Airlines, Inc. Series 2017-2 EETC Investor Presentation July 2017 Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-216167-01 July 31, 2017
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 Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securi
Slide 3: 2017-2 EETC Offering
2017-2 EETC Offering
Slide 4: Transaction Overview
Transaction Overview American Airlines, Inc. (“American”) intends to issue $638,914,000 in aggregate face amount of Pass Through Certificates, Series 2017-2 (“American 2017-2”), in two classes, Class AA Certificates and Class A Certificates, collectively the “Certificates,” as follows: Class AA Cert
Slide 5: 2017-2 EETC Structural Summary
2017-2 EETC Structural Summary Class AA Class A Face Amount $436,669,000 $202,245,000 Expected Ratings (Moody’s / Fitch) Aa3 / AA A2 / A Initial LTV / Maximum LTV1 38.5% / 38.5% 56.3% / 56.3% Weighted Average Life 8.7 years 8.7 years Regular Distribution Dates April 15 and October 15 April 15 and Oc
Slide 6: Key Structural Elements
Key Structural Elements1 Two Classes of Certificates Offered Two 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 the Cl
Slide 7: Comparing AAL 2017-2 to Existing Market Precedents
7 Comparing AAL 2017-2 to Existing Market Precedents 1 American Airlines 2016-3 Prospectus Supplement. 2 American Airlines 2017-1 Prospectus Supplement. 3 Initial LTV measured as of April 15, 2017, the first payment date following the expected delivery of all aircraft into the transaction. 4 Initial
Slide 8: Overview of the Collateral Pool
Overview of the Collateral Pool
Slide 9: Aircraft Pool
Aircraft Pool American has obtained maintenance adjusted Base Value Desktop Appraisals from three appraisers (AISI, BK and mba)1 Aggregate aircraft appraised value of approximately $1,149 million2 Appraisals indicate collateral cushions as of the first regular distribution date of 61.5% and 43.7% an
Slide 10: Young and Diversified Portfolio
Young and Diversified Portfolio Aircraft Type Narrowbody / Widebody / Regional New Delivery / Vintage By Delivery Date: 0.4 Years Average Age1,2 1 Calculated by LMM of the maintenance adjusted Base Values of the appraised aircraft. In the case of the Embraer ERJ 175 LR aircraft, such appraisals indi
Slide 11: Collateral Aircraft Assessment
Collateral Aircraft Assessment Source: Ascend, American, Boeing as of Q2 2017. Considered the most liquid narrowbody to date Over 4,300 in operation with more than 170 operators, with a backlog of 670 aircraft – very popular among mainline, charter and low-cost carriers, good regional distribution,
Slide 12: Investing in our product: new aircraft deliveries
Investing in our product: new aircraft deliveries 2017 2018 2019 Beyond 2019 Total A320 Family / Neo 20 - 25 75 120 A350-900 - - - 22 22 B737-800 / Max 24 16 20 60 120 B787 Family 13 6 2 - 21 Mainline Total 57 22 47 157 283 E175 16 - - - 16 Regional Total 16 - - - 16 We plan to take delivery of 73 n
Slide 13: Boeing 737-800
Boeing 737-800 Source: Ascend Market Commentary and Boeing as of 2Q 2017. The B737-800 Has Wide Market Appeal Top 5 Operators & Lessors (In Service / On Order) Considered the most liquid narrowbody to date Over 4,300 in operation with more than 170 operators, with a backlog of 670 aircraft – very po
Slide 14: Boeing MAX
Boeing 737 MAX 8 Source: Ascend Market Commentary and Boeing, as of 2Q 2017. The MAX 8 could replicate the 737-800’s status as the most liquid narrowbody Provides continuity of the best-selling 737, with the CFM International Leap as the single-engined type Fuel burn savings are now estimated at 14%
Slide 15: MAX Advances the Success of the Family
737 MAX Advances the Success of the 737 Family Source: Boeing as of 2Q 2017. 1980 2020 2000 1990 2010 1985 1995 2005 2015 Next-Generation 737 First Delivery 1998 737 MAX First Delivery 2017 6% Fuel reduction 2010 Boeing Sky Interior 2017 New Engine & AT Winglet 737 Classic First Delivery 1984 Fuel r
Slide 16: Boeing 787-9
Boeing 787-9 Source: Ascend Market Commentary and Boeing, as of 2Q 2017. 1 Includes both 787-9 and 787-10 aircraft. With a predicted demand of over 5,300 widebody jetliners over the next 20 years, the Boeing 787 is well positioned to become the benchmark product in a growing sector of the industry O
Slide 17: Range of Boeing 737-800, Max and 787-9
Range of Boeing 737-800, 737 Max 8 and 787-9 Range capability from Dallas Source: Boeing and American Airlines.
Slide 18: Embraer ERJ LR
Embraer ERJ 175 LR Source: Ascend Market Commentary and Embraer as of 2Q 2017. In-service fleet of over 580 aircraft, backlog of 80 Demand for Embraer ERJ 175 LR aircraft has been strong as major U.S. airlines placed significant new orders and contracts for 76-seaters to replace 50-seaters, as a res
Slide 19: Slide 19