American and Guggenheim seek 777 sale-leaseback

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American Airlines and Guggenheim Aviation Partners have agreed to a sale-leaseback for the carrier's first two Boeing 777-300ERs that are scheduled for delivery in the fourth quarter.

The deal includes N717AN (MSN 31543) and N718AN (41665) for delivery in November and December, according to a filing with the US Bankruptcy Court for the Southern District of New York on 30 August.

The bankruptcy court must approve the deal before it can close. A hearing is scheduled for 20 September in New York.

Fort Worth-based American selected Guggenheim for the sale-leaseback because it offered the best terms and could use existing documentation, according to the filing.

Guggenheim Aviation Investment Fund II Investment Eighty Seven and Eighty Eight would own the aircraft under the agreement, according to the filing. Wells Fargo would be trustee.

SkyWorks Capital advised American on the deal.

The two 777-300ERs have two General Electric GE90-115B engines each.

American has orders for 13 777-300ERs and five 777-200ERs.

The airline and Guggenheim closed a sale-leaseback for three Boeing 777-200ERs in June 2011.