Milbank, Tweed, Hadley & McCloy LLP represented the underwriters, led by Morgan Stanley & Co. LLC, in the $1.1 billion offering of enhanced equipment trust certificates (EETCs) by American Airlines, Inc., a wholly-owned subsidiary of American Airlines Group Inc. (AAG).
The offering featured three tranches: $583,226,000 of 3.60% Class AA Pass Through Trust Certificates, $239,271,000 of 4.00% Class A Pass Through Trust Certificates and $239,271,000 of 4.40% Class B Pass Through Trust Certificates.
American will use the proceeds of the offering for general corporate purposes. American, together with AAG and AAG’s wholly-owned regional airlines subsidiaries and third-party regional carriers, is the largest airline in the world as measured by revenue passenger miles and available seat miles.
The Milbank team was led by partners Elihu Robertson, Arnie Peinado, Andrew Walker, James Pascale and special counsel Kevin MacLeod. Also working on the transaction were associates Matthew Kusel, Stephanie Keats, Niels Jensen, Jasmine Jin and Michael Goon.
A separate Milbank team was led by Transportation and Space partner Helfried Schwarz and associate Nicholas Milburn, as counsel to Commonwealth Bank of Australia as Class AA liquidity provider and Crédit Agricole Corporate and Investment Bank as Class A/B liquidity provider.
