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American Airlines Proposed Underwritten Public Offerings of $750M Common Shares, $750M Principal Amount of Convertible Senior Notes Due 2025

American Airlines Group Inc.

Benzinga · -
American Airlines Group Inc. (NASDAQ: AAL) (the 'Company') today announced proposed underwritten public offerings of $750,000,000 of shares of its common stock (the 'Common Stock' and, such offering, the 'Common Stock Offering') and $750,000,000 aggregate principal amount of its convertible senior notes due 2025 (the 'Convertible Notes' and such offering, the 'Convertible Notes Offering'). The Company intends to grant the underwriters of the offerings a 30-day option to purchase, in whole or in part, up to $112,500,000 of additional shares of Common Stock in the Common Stock Offering and a 30-day option to purchase, in whole or in part, up to $112,500,000 aggregate principal amount of additional Convertible Notes in the Convertible Notes Offering, in each case solely to cover over-allotments, if any. The Company expects to use the net proceeds from the Common Stock Offering and the Convertible Notes Offering for general corporate purposes and to enhance the Company's liquidity position. The closing of neither the Common Stock Offering nor the Convertible Notes Offering is conditioned upon the closing of the other offering. Goldman Sachs & Co. LLC, Citigroup, BofA Securities and J.P. Morgan are acting as the joint active book-runners and as representatives of the underwriters for the Common Stock Offering and the Convertible Notes Offering.