American in $663m EETC private offering

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American Airlines is privately offering a $663 million two-tranche issue of enhanced equipment trust certificates (EETC), secured by 13 aircraft.

The US Bankruptcy Court for the Southern District of New York gave approval for the EETC in an amount up to $750 million on 15 February.

Proceeds of the issue will be used to finance four new Boeing 777-300ERs, eight owned Boeing 737-800s and a 777-200 currently in its fleet, according to American.

The 777-300ERs are scheduled for delivery from April to July 2013, according to the carrier.

Deutsche Bank, JP Morgan and Morgan Stanley are underwriting the financing. Natixis is the depositary and Wilmington Trust is the trustee.