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AMERICAN AIRLINES GROUP INC.

(AAL)
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American Airlines : REGULATION FD DISCLOSURE (Form 8-K)

06/11/2021 | 06:06am EDT
REGULATION FD DISCLOSURE.
As previously reported, American Airlines, Inc. ('American'), entered into an indenture, dated as of June 30, 2020, by and among American, American Airlines Group Inc. and Wilmington Trust, National Association, as trustee (the 'Trustee'), relating to American's 11.75% Senior Secured Notes due 2025 (the 'Notes'). Pursuant to the Indenture, American is required to deliver to the Trustee periodic appraisals with respect to the appraised value of the first lien collateral for the Notes, which first lien collateral consists of certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) certain airports in Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea, and Switzerland (collectively, the 'First Lien Collateral'). In addition, pursuant to the Indenture, American is required to deliver to the Trustee periodic appraisals with respect to the appraised value of the second lien collateral for the Notes, which second lien collateral consists of certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) certain airports in the European Union and the United Kingdom (collectively, the 'Second Lien Collateral').
American has delivered to the Trustee appraisals, each dated May 5, 2021, with respect to the First Lien Collateral and the Second Lien Collateral. Using a discount rate of 11.5% and a perpetuity growth rate of 1.5%, the aggregate appraised value of the First Lien Collateral reflected in the appraisals is $7.327 billion, and the aggregate appraised value of the Second Lien Collateral reflected in the appraisals is $6.697 billion.
The appraisals are subject to a number of significant assumptions, limitations and risks, and were prepared based on certain specified methodologies described therein, including a discounted net present value calculation to projected annual cash flows of certain of American's scheduled services. The appraisals may not accurately reflect the fair market or realizable value of the First Lien Collateral or the Second Lien Collateral. An appraisal that is subject to different assumptions, limitations and risks, and/or that is based on other methodologies, may result in valuations that are materially different from those contained in the appraisals summarized above.
The information in Item 7.01 is being furnished and shall not be deemed to be 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.



Disclaimer

American Airlines Group Inc. published this content on 11 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2021 10:05:11 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 30 639 M - -
Net income 2021 -2 114 M - -
Net Debt 2021 30 520 M - -
P/E ratio 2021 -5,29x
Yield 2021 -
Capitalization 13 195 M 13 195 M -
EV / Sales 2021 1,43x
EV / Sales 2022 1,02x
Nbr of Employees 117 400
Free-Float 98,1%
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Technical analysis trends AMERICAN AIRLINES GROUP INC.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 23
Last Close Price 20,38 $
Average target price 19,78 $
Spread / Average Target -2,97%
EPS Revisions
Managers and Directors
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
Kevin Brickner Senior Vice President-Technical Operations