Issuer Free Writing Prospectus
Filed pursuant to Rule 433(d)
Registration No. 333-236503-01
October 25, 2021
American Airlines, Inc. (“American”)
2021-1 Pass Through Trust
Pass Through Certificates, Series 2021-1
American is increasing the size of the 2021-1 EETC transaction in order to finance five additional Airbus A321-253NX aircraft currently scheduled for delivery to American during the period from July 2022 to September 2022 (collectively, the “Additional Aircraft”). This free writing prospectus sets forth the corresponding material changes to American’s Preliminary Prospectus Supplement, dated October 25, 2021 (the “Supplement”), relating to the Class A Certificates referred to below, and should be read together with the Supplement and the accompanying Prospectus dated February 19, 2020. Cross-references contained herein refer to the Supplement unless otherwise stated. Capitalized terms used herein and not otherwise defined have the meaning given to them in the Supplement. This free writing prospectus sets forth the principal amortization schedules and the loan to value ratio tables for the Equipment Notes related to the Additional Aircraft. The information herein supersedes any inconsistent information set forth in the Supplement.
| Aircraft to be Financed: | Twenty-six total Aircraft, consisting of (a) the twenty-one Airbus A321-253NX aircraft described in the Supplement, including the five Additional Aircraft described in Appendix III to the Supplement and (b) the five Embraer ERJ 175 LR aircraft described in the Supplement. | |
| Aggregate Appraised Aircraft Value: | $1,410,967,740 | |
| Aggregate Face Amount of Class A Certificates: |
$757,825,000 | |
| Securities: | American Airlines, Inc. Class A Pass Through Certificates, Series 2021-1A (“Class A Certificates”) | |
| Face Amount: | $757,825,000 | |
| Initial LTV (cumulative) (1)(2): | 53.5% | |
| Highest LTV (cumulative) (2): | 53.5% | |
| (1) | These percentages are calculated assuming that each of the Aircraft listed under “—Equipment Notes and the Aircraft” below has been subjected to an Indenture and that the Class A Trust has purchased the related Equipment Notes for each such Aircraft as of January 11, 2023 (the first Regular Distribution Date that occurs after all Aircraft eligible to be financed pursuant to this offering are scheduled currently to have been delivered) and that all principal scheduled to be paid on or prior to January 11, 2023 have been paid. In calculating these percentages, we have assumed the aggregate Assumed Aircraft Value of all such Aircraft is $1,410,967,740 as of such date. In calculating the aggregate Assumed Aircraft Value, we assumed that the appraised value of each Aircraft determined as described under “Description of the Aircraft and the Appraisals” in the Supplement declines in accordance with the Depreciation Assumption described under “Description of the Equipment Notes—Loan to Value Ratios of Equipment Notes” in the Supplement and “Loan to Value Ratios” below. Other rates or methods of depreciation could result in materially different LTVs. We cannot assure you that the depreciation rate and method assumed for purposes of the above table are the ones most likely to occur or predict the actual future value of any Aircraft. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement. |
| (2) | See “Loan to Value Ratios” below. |
Equipment Notes and the Aircraft
The Class A Trust is expected to hold the Series A Equipment Notes issued for, and secured by:
| (a) | twenty-one manufactured Airbus A321-253NX aircraft currently scheduled for delivery to American during the period from January 2022 to September 2022 (each such aircraft, including any aircraft substituted therefor prior to the delivery thereof in accordance with the applicable aircraft purchase agreement, a “New Delivery Aircraft”); and |
| (b) | five Embraer ERJ 175 LR aircraft delivered new to American between October 2020 to December 2020 (each, an “Owned Embraer Aircraft” and, the New Delivery Aircraft and the Owned Embraer Aircraft are each referred to as an “Aircraft”, and, collectively, the “Aircraft”). |
Each Aircraft is, or will be, owned by American. Each New Delivery Aircraft will be operated by American. Each Owned Embraer Aircraft is operated by Envoy Air, Inc. (“Envoy”), an affiliated regional carrier that operates such Aircraft on behalf of American in regional operations, in each case pursuant to a lease that complies with, or will comply with, the terms and conditions of the applicable Indenture. See “Description of the Aircraft and the Appraisals” in the Supplement for a description of each Aircraft to be financed with the proceeds of this offering. Set forth below is certain information about the Series A Equipment Notes expected to be held in the Class A Trust and each of the Aircraft expected to secure such Equipment Notes.
On and subject to the terms and conditions of the Note Purchase Agreement and the forms of financing agreements attached to the Note Purchase Agreement, American agrees to enter into a secured debt financing with respect to (i) each Owned Embraer Aircraft on or prior to January 11, 2022 and (ii) each New Delivery Aircraft on or prior to the Delivery Period Termination Date. See “Description of the Aircraft and the Appraisals—Deliveries of Aircraft” in the Supplement and “Delivery Period Termination Date” below.
Each of the New Delivery Aircraft is currently scheduled to be delivered by Airbus S.A.S. to American during the period from January 2022 to September 2022 under the applicable aircraft purchase agreement. Pursuant to the Note Purchase Agreement, American has certain rights to finance a Substitute Aircraft in lieu of any New Delivery Aircraft if (a) the delivery of such New Delivery Aircraft is delayed more than 30 days after the last day of its currently scheduled delivery month or (b) as a result of any law, rule, regulation, order or other action by the FAA or other government of the country of registry, the use of such New Delivery Aircraft in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type. See “Description of the Aircraft and the Appraisals—Substitute Aircraft” in the Supplement.
| Aircraft Type |
Actual or Expected Registration Number(1) |
Actual or Expected Manufacturer’s Serial Number(1) |
Actual or Scheduled Month of Delivery(1) |
Initial Principal Amount of Series A Equipment Notes |
Appraised Value(2) |
Latest Equipment Note Final Maturity Date | ||||||||||
| Airbus A321-253NX(3) |
N444UW | 10692 | January 2022 | $ | 32,111,000 | $ | 60,370,000 | July 11, 2034 | ||||||||
| Airbus A321-253NX(3) |
N446AN | 10770 | January 2022 | 32,111,000 | 60,370,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N445AA | 10728 | February 2022 | 32,137,000 | 60,420,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N447AN | 10705 | February 2022 | 32,137,000 | 60,420,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N448AN | 10738 | February 2022 | 32,137,000 | 60,420,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N449AN | 10747 | March 2022 | 32,164,000 | 60,470,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N450AN | TBD | March 2022 | 32,164,000 | 60,470,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N451AN | TBD | March 2022 | 32,164,000 | 60,470,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N452AN | TBD | March 2022 | 32,164,000 | 60,470,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N454AL | TBD | March 2022 | 32,164,000 | 60,470,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N453AA | 10811 | April 2022 | 32,681,000 | 60,520,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N455AN | TBD | April 2022 | 32,681,000 | 60,520,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N456AN | TBD | May 2022 | 32,708,000 | 60,570,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N457AM | TBD | June 2022 | 32,735,000 | 60,620,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N458AL | TBD | June 2022 | 32,735,000 | 60,620,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N459AN | TBD | June 2022 | 32,735,000 | 60,620,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N460AN | TBD | July 2022 | 33,154,000 | 60,670,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N461AN | TBD | August 2022 | 33,176,000 | 60,710,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N462AA | TBD | August 2022 | 33,176,000 | 60,710,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N463AA | TBD | September 2022 | 33,203,000 | 60,760,000 | July 11, 2034 | ||||||||||
| Airbus A321-253NX(3) |
N464AA | TBD | September 2022 | 33,203,000 | 60,760,000 | July 11, 2034 | ||||||||||
| Embraer ERJ 175 LR (4) |
N293NN | 17000844 | October 2020 | 14,801,000 | 27,840,419 | July 11, 2034 | ||||||||||
| Embraer ERJ 175 LR (4) |
N298FR | 17000845 | October 2020 | 14,773,000 | 27,787,709 | July 11, 2034 | ||||||||||
| Embraer ERJ 175 LR (4) |
N299JJ | 17000847 | November 2020 | 14,842,000 | 27,916,119 | July 11, 2034 | ||||||||||
| Embraer ERJ 175 LR (4) |
N300LK | 17000848 | November 2020 | 14,850,000 | 27,932,228 | July 11, 2034 | ||||||||||
| Embraer ERJ 175 LR (4) |
N302RN | 17000849 | December 2020 | 14,919,000 | 28,061,265 | July 11, 2034 | ||||||||||
|
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| Total |
$ | 757,825,000 | $ | 1,410,967,740 | ||||||||||||
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| (1) | The indicated registration number, manufacturer’s serial number and scheduled delivery month for each New Delivery Aircraft reflect our current expectations, although these may differ for the actual aircraft delivered under the applicable aircraft purchase agreement between American and Airbus S.A.S. and financed under this offering. The actual delivery date of any New Delivery Aircraft may differ from its currently scheduled delivery month and is subject to delay or acceleration. See “Description of the Aircraft and the Appraisals—Deliveries of Aircraft” in the Supplement. In addition, American has certain rights to finance a Substitute Aircraft in lieu of any New Delivery Aircraft if (x) the delivery of such New Delivery Aircraft is delayed for more than 30 days after the last day of its currently scheduled delivery month or (y) as a result of any law, rule, regulation, order or other action by the FAA or other government of the country of registry, the use of any New Delivery Aircraft in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type. See “Description of the Aircraft and the Appraisals—Deliveries of Aircraft” in the Supplement. The manufacturer’s serial number listed as “TBD” signifies that the manufacturer’s serial number for such Aircraft is not yet available as of the date hereof and is to be determined at a later date. |
| (2) | The appraised value of each Aircraft set forth above is the lesser of the average and median appraised values of each such Aircraft as appraised by three independent appraisal and consulting firms (Aircraft Information Services, Inc. (“AISI”), BK Associates, Inc. (“BK”) and mba Aviation (“mba,” and together with AISI and BK, the “Appraisers”)). The AISI appraisal is dated September 30, 2021, the BK appraisals are dated October 22, 2021 and the mba appraisal is dated October 22, 2021. The appraised values provided by AISI, BK and mba are presented as of October 1, 2021. In the case of each Owned Embraer Aircraft, such appraisals indicate the appraised base value of each Aircraft, adjusted to reflect the maintenance status of such Aircraft or otherwise take such maintenance status into account at or around such date, and in the case of each New Delivery Aircraft, such appraisals indicate the appraised base value projected as of the currently scheduled delivery month and year for such Aircraft at the time of the related appraisal. These appraisals are based upon varying assumptions and methodologies. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement. |
| (3) | This aircraft is approved for Extended Operations (“ETOPs”). |
| (4) | This aircraft is an Owned Embraer Aircraft. |
Loan to Aircraft Value Ratios
The following table provides loan to Aircraft value ratios (“LTVs”) for the Class A Certificates as of (i) January 11, 2023 (which is the first Regular Distribution Date that occurs after all Aircraft eligible to be financed pursuant to this offering are currently scheduled to have been delivered) and (ii) each Regular Distribution Date thereafter, assuming that each of the Aircraft has been subjected to an Indenture and that the Class A Trust has purchased the Series A Equipment Notes for each such Aircraft as of January 11, 2023 and that all principal scheduled to be paid on the Series A Equipment Notes on or prior to January 11, 2023 have been paid. The LTVs for any period prior to January 11, 2023 are not included, because during such period all of the Equipment Notes expected to be acquired by the Class A Trust with respect to each Aircraft eligible to be financed pursuant to this offering may not yet be issued and therefore are not included in the calculation. The table is not a forecast or prediction of expected or likely LTVs, but simply a mathematical calculation based upon one set of assumptions. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement.
We compiled the following table on an aggregate basis. However, the Equipment Notes issued under an Indenture are entitled only to certain specified cross-collateralization provisions as described under “Description of the Equipment Notes—Security” in the Supplement. The relevant LTVs in a default situation for the Equipment Notes issued under a particular Indenture would depend on various factors, including the extent to which the debtor or trustee in bankruptcy agrees to perform American’s obligations under the Indentures. Therefore, the following aggregate LTVs are presented for illustrative purposes only and should not be interpreted as indicating the degree of cross-collateralization available to the holders of the Certificates.
| Date |
Aggregate Assumed Aircraft Value(1) |
Pool Balance(2) | LTV(3) | |||||||||
| Class A Certificates | Class A Certificates | |||||||||||
| January 11, 2023 |
$ | 1,378,515,440 | $ | 737,506,504.25 | 53.5 | % | ||||||
| July 11, 2023 |
1,357,286,191 | 717,188,008.50 | 52.8 | % | ||||||||
| January 11, 2024 |
1,336,056,940 | 696,869,512.75 | 52.2 | % | ||||||||
| July 11, 2024 |
1,314,827,690 | 676,551,017.00 | 51.5 | % | ||||||||
| January 11, 2025 |
1,293,598,440 | 656,232,521.25 | 50.7 | % | ||||||||
| July 11, 2025 |
1,272,369,190 | 635,914,025.50 | 50.0 | % | ||||||||
| January 11, 2026 |
1,251,139,939 | 615,595,529.75 | 49.2 | % | ||||||||
| July 11, 2026 |
1,229,910,690 | 595,277,034.00 | 48.4 | % | ||||||||
| January 11, 2027 |
1,208,681,440 | 574,958,538.25 | 47.6 | % | ||||||||
| July 11, 2027 |
1,187,452,189 | 554,640,042.50 | 46.7 | % | ||||||||
| January 11, 2028 |
1,166,222,940 | 534,321,546.75 | 45.8 | % | ||||||||
| July 11, 2028 |
1,144,993,689 | 514,003,051.00 | 44.9 | % | ||||||||
| January 11, 2029 |
1,123,764,439 | 493,684,555.25 | 43.9 | % | ||||||||
| July 11, 2029 |
1,102,535,188 | 473,366,059.50 | 42.9 | % | ||||||||
| January 11, 2030 |
1,081,305,938 | 453,047,563.75 | 41.9 | % | ||||||||
| July 11, 2030 |
1,060,076,688 | 432,729,068.00 | 40.8 | % | ||||||||
| January 11, 2031 |
1,038,847,438 | 412,410,572.25 | 39.7 | % | ||||||||
| July 11, 2031 |
1,017,618,188 | 392,092,076.50 | 38.5 | % | ||||||||
| January 11, 2032 |
996,388,937 | 371,773,580.75 | 37.3 | % | ||||||||
| July 11, 2032 |
975,159,689 | 351,455,085.00 | 36.0 | % | ||||||||
| January 11, 2033 |
953,930,439 | 331,136,589.25 | 34.7 | % | ||||||||
| July 11, 2033 |
932,701,188 | 310,818,093.50 | 33.3 | % | ||||||||
| January 11, 2034 |
911,471,939 | 290,499,597.75 | 31.9 | % | ||||||||
| July 11, 2034 |
890,242,688 | — | 0.0 | % | ||||||||
| (1) | In calculating the aggregate Assumed Aircraft Value, we assumed that the appraised value of each Aircraft determined as described under “Description of the Aircraft and the Appraisals” in the Supplement declines in accordance with the Depreciation Assumption described under “Description of the Equipment Notes—Loan to Value Ratios of Equipment Notes” in the Supplement. Other rates or methods of depreciation could result in materially different LTVs. We cannot assure you that the depreciation rate and method assumed for purposes of the above table are the ones most likely to occur or predict the actual future value of any Aircraft. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement. |
| (2) | The “pool balance” for the Class A Certificates indicates, as of any date, after giving effect to any principal distributions expected to be made on such date, the portion of the original face amount of the Class A Certificates that has not been distributed to the Class A Certificateholders. |
| (3) | We obtained the LTVs for the Class A Certificates for each Regular Distribution Date by dividing (i) the expected outstanding pool balance of the Class A Certificates after giving effect to the principal distributions expected to be made on such date, by (ii) the aggregate Assumed Aircraft Value of all of the Aircraft expected to be included in the collateral pool on such date based on the assumptions described above. The outstanding pool balances and LTVs for any date will change if, among other things, (a) any Equipment Notes are redeemed or purchased, (b) a default in payment on any Equipment Notes occurs, (c) any Aircraft is not subjected to an Indenture and the related Equipment Notes are not acquired by the Class A Trust, (d) any Owned Embraer Aircraft is not financed on or before January 11, 2022, (e) any New Delivery Aircraft is subjected to an Indenture other than in the delivery month currently scheduled therefor as described under “Description of the Aircraft and the Appraisals” in the Supplement or (f) a Substitute Aircraft is financed in lieu of any New Delivery Aircraft to be financed pursuant to this offering. |
Assumed Amortization Schedule and Resulting Pool Factors
The following table sets forth the expected aggregate principal amortization schedule (the “Assumed Amortization Schedule”) for the Series A Equipment Notes held in the Class A Trust and resulting Pool Factors with respect to the Class A Trust, assuming that (i) each Aircraft has been subjected to an Indenture on or prior to January 11, 2023 and (ii) all of the Series A Equipment Notes with respect
to such Aircraft have been acquired by the Class A Trust by such date. The actual aggregate principal amortization schedule applicable to the Class A Trust and the resulting Pool Factors with respect to such Trust may differ from the Assumed Amortization Schedule because the scheduled distribution of principal payments for the Class A Trust may be affected if, among other things, any Series A Equipment Notes held in the Class A Trust are redeemed or purchased, if a default in payment on any Series A Equipment Note occurs, or if any Aircraft is not subjected to an Indenture and the Series A Equipment Notes are not acquired by the Class A Trust.
| Class A | ||||||||
| Date |
Scheduled Principal Payments |
Expected Pool Factor |
||||||
| Issuance Date |
$ | 0.00 | 1.0000000 | |||||
| January 11, 2023 |
20,318,495.75 | 0.9731884 | ||||||
| July 11, 2023 |
20,318,495.75 | 0.9463768 | ||||||
| January 11, 2024 |
20,318,495.75 | 0.9195652 | ||||||
| July 11, 2024 |
20,318,495.75 | 0.8927536 | ||||||
| January 11, 2025 |
20,318,495.75 | 0.8659420 | ||||||
| July 11, 2025 |
20,318,495.75 | 0.8391304 | ||||||
| January 11, 2026 |
20,318,495.75 | 0.8123188 | ||||||
| July 11, 2026 |
20,318,495.75 | 0.7855073 | ||||||
| January 11, 2027 |
20,318,495.75 | 0.7586957 | ||||||
| July 11, 2027 |
20,318,495.75 | 0.7318841 | ||||||
| January 11, 2028 |
20,318,495.75 | 0.7050725 | ||||||
| July 11, 2028 |
20,318,495.75 | 0.6782609 | ||||||
| January 11, 2029 |
20,318,495.75 | 0.6514493 | ||||||
| July 11, 2029 |
20,318,495.75 | 0.6246377 | ||||||
| January 11, 2030 |
20,318,495.75 | 0.5978261 | ||||||
| July 11, 2030 |
20,318,495.75 | 0.5710145 | ||||||
| January 11, 2031 |
20,318,495.75 | 0.5442029 | ||||||
| July 11, 2031 |
20,318,495.75 | 0.5173913 | ||||||
| January 11, 2032 |
20,318,495.75 | 0.4905797 | ||||||
| July 11, 2032 |
20,318,495.75 | 0.4637681 | ||||||
| January 11, 2033 |
20,318,495.75 | 0.4369565 | ||||||
| July 11, 2033 |
20,318,495.75 | 0.4101449 | ||||||
| January 11, 2034 |
20,318,495.75 | 0.3833334 | ||||||
| July 11, 2034 |
290,499,597.75 | 0.0000000 | ||||||
Triggering Event
The definition of Triggering Event on page S-57 of the Supplement is revised as follows:
“Triggering Event” means (i) the occurrence of an Indenture Event of Default under all of the Indentures resulting in a PTC Event of Default with respect to the most senior class of Certificates then outstanding, (ii) the acceleration of all of the outstanding Equipment Notes (provided that, with respect to the period prior to the Delivery Period Termination Date, the aggregate principal amount thereof exceeds $550 million) or (iii) certain bankruptcy or insolvency events involving American. (Intercreditor Agreement, Section 1.01)
Delivery Period Termination Date
The definition of Triggering Event on page S-107 of the Supplement is revised as follows:
“Delivery Period Termination Date” means the earlier of:
(a) January 31, 2023 or, if the Equipment Notes relating to all of the New Delivery Aircraft have not been purchased by the applicable Trustee on or prior to January 31, 2023 due to any reason beyond the control of American and not occasioned by American’s fault or negligence, March 31, 2023 (provided that, if a labor strike occurs or continues at the manufacturer of any New Delivery Aircraft after the Issuance Date and on or prior to January 31, 2023, such date shall be extended by adding thereto the number of days that such labor strike continued in effect after the Issuance Date, but not more than 60 days) (such date or such extended date, the “Outside Termination Date”); and
(b) the date on which Equipment Notes issued with respect to all of the Aircraft have been purchased by the Trustees in accordance with the Note Purchase Agreement. (Note Purchase Agreement, Annex A)
Drawings
The aggregate amount available under the Liquidity Facility for the Class A Trust at January 11, 2023 (the first Regular Distribution Date that occurs after the currently scheduled delivery month of the last New Delivery Aircraft to be delivered to American, assuming that all Aircraft have been financed in accordance with the terms and conditions of the Note Purchase Agreement prior to such Regular Distribution Date and that all interest and principal due on or prior to such Regular Distribution Date have been paid) will be:
| Trust |
Available Amount | |||
| Class A |
$ | |||
Liquidity Event of Default
Events of default under each Liquidity Facility (each, a “Liquidity Event of Default”) will consist of:
| • | the acceleration of all of the Equipment Notes (provided that with respect to the period prior to the Delivery Period Termination Date, the aggregate principal amount thereof exceeds $550 million); or |
| • | an American Bankruptcy Event. (Liquidity Facilities, Section 1.01) |
The Appraisals
The table below sets forth the appraised values of the Aircraft, as determined by AISI, BK and mba, independent aircraft appraisal and consulting firms, and certain additional information regarding such Aircraft. Under the Note Purchase Agreement, the following 26 aircraft are expected to be financed: (a) the twenty-one Airbus A321-253NX aircraft listed below and (b) the five Embraer ERJ 175 LR aircraft listed below.
| Aircraft Type |
Actual or Expected Registration Number(1) |
Actual or Expected Manufacturer’s Serial Number(1) |
Actual or Scheduled Month of Delivery(1) |
Appraiser’s Valuations | ||||||||||||||||||
| AISI | BK | mba | Appraised Value(2) |
|||||||||||||||||||
| Airbus A321-253NX(3) |
N444UW | 10692 | January 2022 | $ | 59,190,000 | $ | 62,204,930 | $ | 60,370,000 | $ | 60,370,000 | |||||||||||
| Airbus A321-253NX(3) |
N446AN | 10770 | January 2022 | 59,190,000 | 62,204,930 | 60,370,000 | 60,370,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N445AA | 10728 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | 60,420,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N447AN | 10705 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | 60,420,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N448AN | 10738 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | 60,420,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N449AN | 10747 | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | 60,470,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N450AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | 60,470,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N451AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | 60,470,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N452AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | 60,470,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N454AL | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | 60,470,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N453AA | 10811 | April 2022 | 59,480,000 | 62,498,145 | 60,520,000 | 60,520,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N455AN | TBD | April 2022 | 59,480,000 | 62,498,145 | 60,520,000 | 60,520,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N456AN | TBD | May 2022 | 59,580,000 | 62,595,883 | 60,570,000 | 60,570,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N457AM | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | 60,620,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N458AL | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | 60,620,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N459AN | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | 60,620,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N460AN | TBD | July 2022 | 59,780,000 | 62,791,360 | 60,670,000 | 60,670,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N461AN | TBD | August 2022 | 59,880,000 | 62,889,098 | 60,710,000 | 60,710,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N462AA | TBD | August 2022 | 59,880,000 | 62,889,098 | 60,710,000 | 60,710,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N463AA | TBD | September 2022 | 59,970,000 | 62,986,836 | 60,760,000 | 60,760,000 | |||||||||||||||
| Airbus A321-253NX(3) |
N464AA | TBD | September 2022 | 59,970,000 | 62,986,836 | 60,760,000 | 60,760,000 | |||||||||||||||
| Embraer ERJ 175 LR(4) |
N293NN | 17000844 | October 2020 | 26,090,000 | 28,601,258 | 28,830,000 | 27,840,419 | |||||||||||||||
| Embraer ERJ 175 LR(4) |
N298FR | 17000845 | October 2020 | 26,000,000 | 28,533,127 | 28,830,000 | 27,787,709 | |||||||||||||||
| Embraer ERJ 175 LR(4) |
N299JJ | 17000847 | November 2020 | 26,060,000 | 28,688,358 | 29,000,000 | 27,916,119 | |||||||||||||||
| Embraer ERJ 175 LR(4) |
N300LK | 17000848 | November 2020 | 26,090,000 | 28,706,683 | 29,000,000 | 27,932,228 | |||||||||||||||
| Embraer ERJ 175 LR(4) |
N302RN | 17000849 | December 2020 | 26,140,000 | 28,863,794 | 29,180,000 | 28,061,265 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 1,380,640,000 | $ | 1,456,929,378 | $ | 1,416,270,000 | $ | 1,410,967,740 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| (1) | The indicated registration number, manufacturer’s serial number and scheduled delivery month for each New Delivery Aircraft reflect our current expectations, although these may differ for the actual aircraft delivered under the applicable aircraft purchase agreement between American and Airbus S.A.S. and financed under this offering. The actual delivery date of any New Delivery Aircraft may differ from its currently scheduled delivery month and is subject to delay or acceleration. See “—Deliveries of Aircraft” in the Supplement. The manufacturer’s serial number listed as “TBD” signifies that the manufacturer’s serial number for such Aircraft is not yet available as of the date hereof and is to be determined at a later date. In addition, American has certain rights to finance a Substitute Aircraft in lieu of any New Delivery Aircraft if (x) the delivery of such New Delivery Aircraft is delayed for more than 30 days after the last day of its currently scheduled delivery month or (y) as a result of any law, rule, regulation, order or other action by the FAA or other government of the country of registry, the use of any New Delivery Aircraft in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type. See “—Substitute Aircraft.” |
| (2) | The appraised value of each Aircraft set forth above is the lesser of the average and median appraised values of each such Aircraft. In the case of each Owned Embraer Aircraft, such appraisals indicate the appraised base value of each Aircraft, adjusted to reflect the maintenance status of such Aircraft or otherwise take such maintenance status into account at or around such date, and in the case of each New Delivery Aircraft, such appraisals indicate the appraised base value projected as of the currently scheduled delivery month and year for such Aircraft at the time of the related appraisal. These appraisals are based upon varying assumptions and methodologies. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement |
| (3) | This aircraft is an Owned Embraer Aircraft. |
| (4) | This aircraft is approved for ETOPS. |
Summary of Appraised Values
| Aircraft Type |
Actual or Expected Registration Number(1) |
Actual or Expected Manufacturer’s Serial Number(1) |
Actual or Scheduled Month of Delivery(1) |
Appraiser’s Valuations | ||||||||||||||||||||
| AISI | BK | mba | ||||||||||||||||||||||
| Airbus A321-253NX |
N444UW | 10692 | January 2022 | $ | 59,190,000 | $ | 62,204,930 | $ | 60,370,000 | |||||||||||||||
| Airbus A321-253NX |
N446AN | 10770 | January 2022 | 59,190,000 | 62,204,930 | 60,370,000 | ||||||||||||||||||
| Airbus A321-253NX |
N445AA | 10728 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | ||||||||||||||||||
| Airbus A321-253NX |
N447AN | 10705 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | ||||||||||||||||||
| Airbus A321-253NX |
N448AN | 10738 | February 2022 | 59,290,000 | 62,302,668 | 60,420,000 | ||||||||||||||||||
| Airbus A321-253NX |
N449AN | 10747 | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | ||||||||||||||||||
| Airbus A321-253NX |
N450AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | ||||||||||||||||||
| Airbus A321-253NX |
N451AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | ||||||||||||||||||
| Airbus A321-253NX |
N452AN | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | ||||||||||||||||||
| Airbus A321-253NX |
N454AL | TBD | March 2022 | 59,390,000 | 62,400,406 | 60,470,000 | ||||||||||||||||||
| Airbus A321-253NX |
N453AA | 10811 | April 2022 | 59,480,000 | 62,498,145 | 60,520,000 | ||||||||||||||||||
| Airbus A321-253NX |
N455AN | TBD | April 2022 | 59,480,000 | 62,498,145 | 60,520,000 | ||||||||||||||||||
| Airbus A321-253NX |
N456AN | TBD | May 2022 | 59,580,000 | 62,595,883 | 60,570,000 | ||||||||||||||||||
| Airbus A321-253NX |
N457AM | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | ||||||||||||||||||
| Airbus A321-253NX |
N458AL | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | ||||||||||||||||||
| Airbus A321-253NX |
N459AN | TBD | June 2022 | 59,680,000 | 62,693,621 | 60,620,000 | ||||||||||||||||||
| Airbus A321-253NX |
N460AN | TBD | July 2022 | 59,780,000 | 62,791,360 | 60,670,000 | ||||||||||||||||||
| Airbus A321-253NX |
N461AN | TBD | August 2022 | 59,880,000 | 62,889,098 | 60,710,000 | ||||||||||||||||||
| Airbus A321-253NX |
N462AA | TBD | August 2022 | 59,880,000 | 62,889,098 | 60,710,000 | ||||||||||||||||||
| Airbus A321-253NX |
N463AA | TBD | September 2022 | 59,970,000 | 62,986,836 | 60,760,000 | ||||||||||||||||||
| Airbus A321-253NX |
N464AA | TBD | September 2022 | 59,970,000 | 62,986,836 | 60,760,000 | ||||||||||||||||||
| Embraer ERJ 175 LR |
N293NN | 17000844 | October 2020 | 26,090,000 | 28,601,258 | 28,830,000 | ||||||||||||||||||
| Embraer ERJ 175 LR |
N298FR | 17000845 | October 2020 | 26,000,000 | 28,533,127 | 28,830,000 | ||||||||||||||||||
| Embraer ERJ 175 LR |
N299JJ | 17000847 | November 2020 | 26,060,000 | 28,688,358 | 29,000,000 | ||||||||||||||||||
| Embraer ERJ 175 LR |
N300LK | 17000848 | November 2020 | 26,090,000 | 28,706,683 | 29,000,000 | ||||||||||||||||||
| Embraer ERJ 175 LR |
N302RN | 17000849 | December 2020 | 26,140,000 | 28,863,794 | 29,180,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total: |
$ | 1,380,640,000 | $ | 1,456,929,378 | $ | 1,416,270,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | The indicated registration number, manufacturer’s serial number and scheduled delivery month for each New Delivery Aircraft reflect our current expectations, although these may differ for the actual aircraft delivered under the applicable aircraft purchase agreement between American and Airbus S.A.S. and financed under this offering. The actual delivery date of any New Delivery Aircraft may differ from its currently scheduled delivery month and is subject to delay or acceleration. See “Description of the Aircraft and the Appraisals—Deliveries of Aircraft” in the Supplement. In addition, American has certain rights to finance a Substitute Aircraft in lieu of any New Delivery Aircraft if (x) the delivery of such New Delivery Aircraft is delayed for more than 30 days after the last day of its currently scheduled delivery month or (y) as a result of any law, rule, regulation, order or other action by the FAA or other government of the country of registry, the use of any New Delivery Aircraft in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type. See “Description of the Aircraft and the Appraisals—Deliveries of Aircraft” in the Supplement. The manufacturer’s serial number listed as “TBD” signifies that the manufacturer’s serial number for such Aircraft is not yet available as of the date hereof and is to be determined at a later date. |
Principal Payments
Principal payments on the issued and outstanding Series A Equipment Notes are scheduled to be paid in specified amounts on January 11 and July 11 of each year, (i) commencing on January 11, 2023 and (ii) ending on July 11, 2034 (such ending date with respect to a series of Equipment Notes, the “Final Maturity Date” for such series of Equipment Notes). If Series B Equipment Notes are issued, principal payments on the issued and outstanding Series B Equipment Notes shall be scheduled to be paid in specified amounts as specified in the offering materials for such Class B Certificates. The original principal amount and principal amortization schedule for the Series A Equipment Notes issued with respect to each Aircraft (other than the Additional Aircraft) will be as set forth in the table for that Aircraft included in Appendix V to the Supplement and the original principal amount and principal amortization schedule for the Series A Equipment Notes issued with respect to each Additional Aircraft will be as set forth in the table below for that Additional Aircraft. For purposes of these tables, the Equipment Notes for each Additional Aircraft are assumed to be issued and outstanding as of the Issuance Date even though none of the Equipment Notes will have been issued on the Issuance Date since the Additional Aircraft will have not yet been financed and not yet even delivered to American on the Issuance Date. See “Description of the Certificates—Pool Factors” in the Supplement for a discussion of the Scheduled Payments of principal of the Equipment Notes and possible revisions thereto.
A. Airbus A321-253NX
| N460AN | ||||||||
| Series A | ||||||||
| Date |
Scheduled Payments of Principal |
Equipment Note Ending Balance |
||||||
| Issuance Date |
$ | — | $ | 33,154,000.00 | ||||
| July 11, 2022 |
— | 33,154,000.00 | ||||||
| January 11, 2023 |
888,911.50 | 32,265,088.50 | ||||||
| July 11, 2023 |
888,911.50 | 31,376,177.00 | ||||||
| January 11, 2024 |
888,911.50 | 30,487,265.50 | ||||||
| July 11, 2024 |
888,911.50 | 29,598,354.00 | ||||||
| January 11, 2025 |
888,911.50 | 28,709,442.50 | ||||||
| July 11, 2025 |
888,911.50 | 27,820,531.00 | ||||||
| January 11, 2026 |
888,911.50 | 26,931,619.50 | ||||||
| July 11, 2026 |
888,911.50 | 26,042,708.00 | ||||||
| January 11, 2027 |
888,911.50 | 25,153,796.50 | ||||||
| July 11, 2027 |
888,911.50 | 24,264,885.00 | ||||||
| January 11, 2028 |
888,911.50 | 23,375,973.50 | ||||||
| July 11, 2028 |
888,911.50 | 22,487,062.00 | ||||||
| January 11, 2029 |
888,911.50 | 21,598,150.50 | ||||||
| July 11, 2029 |
888,911.50 | 20,709,239.00 | ||||||
| January 11, 2030 |
888,911.50 | 19,820,327.50 | ||||||
| July 11, 2030 |
888,911.50 | 18,931,416.00 | ||||||
| January 11, 2031 |
888,911.50 | 18,042,504.50 | ||||||
| July 11, 2031 |
888,911.50 | 17,153,593.00 | ||||||
| January 11, 2032 |
888,911.50 | 16,264,681.50 | ||||||
| July 11, 2032 |
888,911.50 | 15,375,770.00 | ||||||
| January 11, 2033 |
888,911.50 | 14,486,858.50 | ||||||
| July 11, 2033 |
888,911.50 | 13,597,947.00 | ||||||
| January 11, 2034 |
888,911.50 | 12,709,035.50 | ||||||
| July 11, 2034 |
12,709,035.50 | — | ||||||
| N461AN | ||||||||
| Series A | ||||||||
| Date |
Scheduled Payments of Principal |
Equipment Note Ending Balance |
||||||
| Issuance Date |
$ | — | $ | 33,176,000.00 | ||||
| July 11, 2022 |
— | 33,176,000.00 | ||||||
| January 11, 2023 |
889,501.50 | 32,286,498.50 | ||||||
| July 11, 2023 |
889,501.50 | 31,396,997.00 | ||||||
| January 11, 2024 |
889,501.50 | 30,507,495.50 | ||||||
| July 11, 2024 |
889,501.50 | 29,617,994.00 | ||||||
| January 11, 2025 |
889,501.50 | 28,728,492.50 | ||||||
| July 11, 2025 |
889,501.50 | 27,838,991.00 | ||||||
| January 11, 2026 |
889,501.50 | 26,949,489.50 | ||||||
| July 11, 2026 |
889,501.50 | 26,059,988.00 | ||||||
| January 11, 2027 |
889,501.50 | 25,170,486.50 | ||||||
| July 11, 2027 |
889,501.50 | 24,280,985.00 | ||||||
| January 11, 2028 |
889,501.50 | 23,391,483.50 | ||||||
| July 11, 2028 |
889,501.50 | 22,501,982.00 | ||||||
| January 11, 2029 |
889,501.50 | 21,612,480.50 | ||||||
| July 11, 2029 |
889,501.50 | 20,722,979.00 | ||||||
| January 11, 2030 |
889,501.50 | 19,833,477.50 | ||||||
| July 11, 2030 |
889,501.50 | 18,943,976.00 | ||||||
| January 11, 2031 |
889,501.50 | 18,054,474.50 | ||||||
| July 11, 2031 |
889,501.50 | 17,164,973.00 | ||||||
| January 11, 2032 |
889,501.50 | 16,275,471.50 | ||||||
| July 11, 2032 |
889,501.50 | 15,385,970.00 | ||||||
| January 11, 2033 |
889,501.50 | 14,496,468.50 | ||||||
| July 11, 2033 |
889,501.50 | 13,606,967.00 | ||||||
| January 11, 2034 |
889,501.50 | 12,717,465.50 | ||||||
| July 11, 2034 |
12,717,465.50 | — | ||||||
| N462AA | ||||||||
| Series A | ||||||||
| Date |
Scheduled Payments of Principal |
Equipment Note Ending Balance |
||||||
| Issuance Date |
$ | — | $ | 33,176,000.00 | ||||
| July 11, 2022 |
— | 33,176,000.00 | ||||||
| January 11, 2023 |
889,501.50 | 32,286,498.50 | ||||||
| July 11, 2023 |
889,501.50 | 31,396,997.00 | ||||||
| January 11, 2024 |
889,501.50 | 30,507,495.50 | ||||||
| July 11, 2024 |
889,501.50 | 29,617,994.00 | ||||||
| January 11, 2025 |
889,501.50 | 28,728,492.50 | ||||||
| July 11, 2025 |
889,501.50 | 27,838,991.00 | ||||||
| January 11, 2026 |
889,501.50 | 26,949,489.50 | ||||||
| July 11, 2026 |
889,501.50 | 26,059,988.00 | ||||||
| January 11, 2027 |
889,501.50 | 25,170,486.50 | ||||||
| July 11, 2027 |
889,501.50 | 24,280,985.00 | ||||||
| January 11, 2028 |
889,501.50 | 23,391,483.50 | ||||||
| July 11, 2028 |
889,501.50 | 22,501,982.00 | ||||||
| January 11, 2029 |
889,501.50 | 21,612,480.50 | ||||||
| July 11, 2029 |
889,501.50 | 20,722,979.00 | ||||||
| January 11, 2030 |
889,501.50 | 19,833,477.50 | ||||||
| July 11, 2030 |
889,501.50 | 18,943,976.00 | ||||||
| January 11, 2031 |
889,501.50 | 18,054,474.50 | ||||||
| July 11, 2031 |
889,501.50 | 17,164,973.00 | ||||||
| January 11, 2032 |
889,501.50 | 16,275,471.50 | ||||||
| July 11, 2032 |
889,501.50 | 15,385,970.00 | ||||||
| January 11, 2033 |
889,501.50 | 14,496,468.50 | ||||||
| July 11, 2033 |
889,501.50 | 13,606,967.00 | ||||||
| January 11, 2034 |
889,501.50 | 12,717,465.50 | ||||||
| July 11, 2034 |
12,717,465.50 | — | ||||||
| N463AA | ||||||||
| Series A | ||||||||
| Date |
Scheduled Payments of Principal |
Equipment Note Ending Balance |
||||||
| Issuance Date |
$ | — | $ | 33,203,000.00 | ||||
| July 11, 2022 |
— | 33,203,000.00 | ||||||
| January 11, 2023 |
890,225.25 | 32,312,774.75 | ||||||
| July 11, 2023 |
890,225.25 | 31,422,549.50 | ||||||
| January 11, 2024 |
890,225.25 | 30,532,324.25 | ||||||
| July 11, 2024 |
890,225.25 | 29,642,099.00 | ||||||
| January 11, 2025 |
890,225.25 | 28,751,873.75 | ||||||
| July 11, 2025 |
890,225.25 | 27,861,648.50 | ||||||
| January 11, 2026 |
890,225.25 | 26,971,423.25 | ||||||
| July 11, 2026 |
890,225.25 | 26,081,198.00 | ||||||
| January 11, 2027 |
890,225.25 | 25,190,972.75 | ||||||
| July 11, 2027 |
890,225.25 | 24,300,747.50 | ||||||
| January 11, 2028 |
890,225.25 | 23,410,522.25 | ||||||
| July 11, 2028 |
890,225.25 | 22,520,297.00 | ||||||
| January 11, 2029 |
890,225.25 | 21,630,071.75 | ||||||
| July 11, 2029 |
890,225.25 | 20,739,846.50 | ||||||
| January 11, 2030 |
890,225.25 | 19,849,621.25 | ||||||
| July 11, 2030 |
890,225.25 | 18,959,396.00 | ||||||
| January 11, 2031 |
890,225.25 | 18,069,170.75 | ||||||
| July 11, 2031 |
890,225.25 | 17,178,945.50 | ||||||
| January 11, 2032 |
890,225.25 | 16,288,720.25 | ||||||
| July 11, 2032 |
890,225.25 | 15,398,495.00 | ||||||
| January 11, 2033 |
890,225.25 | 14,508,269.75 | ||||||
| July 11, 2033 |
890,225.25 | 13,618,044.50 | ||||||
| January 11, 2034 |
890,225.25 | 12,727,819.25 | ||||||
| July 11, 2034 |
12,727,819.25 | — | ||||||
| N464AA | ||||||||
| Series A | ||||||||
| Date |
Scheduled Payments of Principal |
Equipment Note Ending Balance |
||||||
| Issuance Date |
$ | — | $ | 33,203,000.00 | ||||
| July 11, 2022 |
— | 33,203,000.00 | ||||||
| January 11, 2023 |
890,225.25 | 32,312,774.75 | ||||||
| July 11, 2023 |
890,225.25 | 31,422,549.50 | ||||||
| January 11, 2024 |
890,225.25 | 30,532,324.25 | ||||||
| July 11, 2024 |
890,225.25 | 29,642,099.00 | ||||||
| January 11, 2025 |
890,225.25 | 28,751,873.75 | ||||||
| July 11, 2025 |
890,225.25 | 27,861,648.50 | ||||||
| January 11, 2026 |
890,225.25 | 26,971,423.25 | ||||||
| July 11, 2026 |
890,225.25 | 26,081,198.00 | ||||||
| January 11, 2027 |
890,225.25 | 25,190,972.75 | ||||||
| July 11, 2027 |
890,225.25 | 24,300,747.50 | ||||||
| January 11, 2028 |
890,225.25 | 23,410,522.25 | ||||||
| July 11, 2028 |
890,225.25 | 22,520,297.00 | ||||||
| January 11, 2029 |
890,225.25 | 21,630,071.75 | ||||||
| July 11, 2029 |
890,225.25 | 20,739,846.50 | ||||||
| January 11, 2030 |
890,225.25 | 19,849,621.25 | ||||||
| July 11, 2030 |
890,225.25 | 18,959,396.00 | ||||||
| January 11, 2031 |
890,225.25 | 18,069,170.75 | ||||||
| July 11, 2031 |
890,225.25 | 17,178,945.50 | ||||||
| January 11, 2032 |
890,225.25 | 16,288,720.25 | ||||||
| July 11, 2032 |
890,225.25 | 15,398,495.00 | ||||||
| January 11, 2033 |
890,225.25 | 14,508,269.75 | ||||||
| July 11, 2033 |
890,225.25 | 13,618,044.50 | ||||||
| January 11, 2034 |
890,225.25 | 12,727,819.25 | ||||||
| July 11, 2034 |
12,727,819.25 | — | ||||||
Loan to Value Ratio Tables
The following tables set forth the projected loan to Aircraft value ratios for the Series A Equipment Notes issued in respect of each Additional Aircraft that may be financed pursuant to this offering (i) as of the Issuance Date, (ii) as of January 11, 2023 in the case of each Aircraft and (iii) as of each Regular Distribution Date thereafter. For purposes of these tables, (a) the Equipment Notes for each Additional Aircraft are assumed to be issued and outstanding as of the Issuance Date even though none of the Equipment Notes will have been issued on the Issuance Date since the Additional Aircraft have not yet been financed pursuant to this offering on the Issuance Date (and not yet even delivered to American on the Issuance Date), and (b) with respect to each Additional Aircraft, the LTVs for any Regular Distribution Date after the Issuance Date but prior to the Regular Distribution Date set forth in clause (ii) for such Additional Aircraft are not included as they are not meaningful since there are no scheduled principal payments during this period.
The LTVs for each Regular Distribution Date listed in such tables were obtained by dividing (i) the outstanding principal amount (assuming no payment default, purchase or early redemption) of such Equipment Notes, giving effect to the payments scheduled to be made on each Regular Distribution Date, by (ii) the Assumed Aircraft Value on such Regular Distribution Date, calculated based on the Depreciation Assumption, of the Additional Aircraft with respect to which such Equipment Notes were assumed to be issued and outstanding. See “Description of the Aircraft and the Appraisals—The Appraisals” and “Description of the Equipment Notes—Security—Loan to Value Ratios of Equipment Notes” in the Supplement.
The Depreciation Assumption contemplates that the Assumed Aircraft Value of each Additional Aircraft depreciates annually by approximately 3% of the appraised value at delivery per year. With respect to each Additional Aircraft, the appraised value at delivery of such Aircraft is the theoretical value that, when depreciated from the initial delivery of such Additional Aircraft by the manufacturer in accordance with the Depreciation Assumption, results in the appraised value of such Additional Aircraft specified under “Prospectus Supplement Summary—Equipment Notes and the Aircraft” and “Description of the Aircraft and the Appraisals—The Appraisals” in the Supplement.
Other rates or methods of depreciation could result in materially different LTVs, and no assurance can be given (i) that the depreciation rate and method assumed for the purposes of the tables are the ones most likely to occur or (ii) as to the actual future value of any Aircraft. Thus, the tables should not be considered a forecast or prediction of expected or likely LTVs, but simply a mathematical calculation based on one set of assumptions. See “Risk Factors—Risks Relating to the Class A Certificates and the Offering—Appraisals are only estimates of values and should not be relied upon as a measure of realizable value of the Aircraft” in the Supplement.
A. Airbus A321-253NX
| N460AN | ||||||||||||
| Series A | ||||||||||||
| Date |
Assumed Aircraft Value |
Outstanding Balance |
LTV | |||||||||
| Issuance Date |
$ | 60,670,000 | $ | 33,154,000.00 | 54.6 | % | ||||||
| January 11, 2023 |
59,759,950 | 32,265,088.50 | 54.0 | % | ||||||||
| July 11, 2023 |
58,849,900 | 31,376,177.00 | 53.3 | % | ||||||||
| January 11, 2024 |
57,939,850 | 30,487,265.50 | 52.6 | % | ||||||||
| July 11, 2024 |
57,029,800 | 29,598,354.00 | 51.9 | % | ||||||||
| January 11, 2025 |
56,119,750 | 28,709,442.50 | 51.2 | % | ||||||||
| July 11, 2025 |
55,209,700 | 27,820,531.00 | 50.4 | % | ||||||||
| January 11, 2026 |
54,299,650 | 26,931,619.50 | 49.6 | % | ||||||||
| July 11, 2026 |
53,389,600 | 26,042,708.00 | 48.8 | % | ||||||||
| January 11, 2027 |
52,479,550 | 25,153,796.50 | 47.9 | % | ||||||||
| July 11, 2027 |
51,569,500 | 24,264,885.00 | 47.1 | % | ||||||||
| January 11, 2028 |
50,659,450 | 23,375,973.50 | 46.1 | % | ||||||||
| July 11, 2028 |
49,749,400 | 22,487,062.00 | 45.2 | % | ||||||||
| January 11, 2029 |
48,839,350 | 21,598,150.50 | 44.2 | % | ||||||||
| July 11, 2029 |
47,929,300 | 20,709,239.00 | 43.2 | % | ||||||||
| January 11, 2030 |
47,019,250 | 19,820,327.50 | 42.2 | % | ||||||||
| July 11, 2030 |
46,109,200 | 18,931,416.00 | 41.1 | % | ||||||||
| January 11, 2031 |
45,199,150 | 18,042,504.50 | 39.9 | % | ||||||||
| July 11, 2031 |
44,289,100 | 17,153,593.00 | 38.7 | % | ||||||||
| January 11, 2032 |
43,379,050 | 16,264,681.50 | 37.5 | % | ||||||||
| July 11, 2032 |
42,469,000 | 15,375,770.00 | 36.2 | % | ||||||||
| January 11, 2033 |
41,558,950 | 14,486,858.50 | 34.9 | % | ||||||||
| July 11, 2033 |
40,648,900 | 13,597,947.00 | 33.5 | % | ||||||||
| January 11, 2034 |
39,738,850 | 12,709,035.50 | 32.0 | % | ||||||||
| July 11, 2034 |
— | — | 0.0 | % | ||||||||
| N461AN | ||||||||||||
| Series A | ||||||||||||
| Date |
Assumed Aircraft Value |
Outstanding Balance |
LTV | |||||||||
| Issuance Date |
$ | 60,710,000 | $ | 33,176,000.00 | 54.6 | % | ||||||
| January 11, 2023 |
59,799,350 | 32,286,498.50 | 54.0 | % | ||||||||
| July 11, 2023 |
58,888,700 | 31,396,997.00 | 53.3 | % | ||||||||
| January 11, 2024 |
57,978,050 | 30,507,495.50 | 52.6 | % | ||||||||
| July 11, 2024 |
57,067,400 | 29,617,994.00 | 51.9 | % | ||||||||
| January 11, 2025 |
56,156,750 | 28,728,492.50 | 51.2 | % | ||||||||
| July 11, 2025 |
55,246,100 | 27,838,991.00 | 50.4 | % | ||||||||
| January 11, 2026 |
54,335,450 | 26,949,489.50 | 49.6 | % | ||||||||
| July 11, 2026 |
53,424,800 | 26,059,988.00 | 48.8 | % | ||||||||
| January 11, 2027 |
52,514,150 | 25,170,486.50 | 47.9 | % | ||||||||
| July 11, 2027 |
51,603,500 | 24,280,985.00 | 47.1 | % | ||||||||
| January 11, 2028 |
50,692,850 | 23,391,483.50 | 46.1 | % | ||||||||
| July 11, 2028 |
49,782,200 | 22,501,982.00 | 45.2 | % | ||||||||
| January 11, 2029 |
48,871,550 | 21,612,480.50 | 44.2 | % | ||||||||
| July 11, 2029 |
47,960,900 | 20,722,979.00 | 43.2 | % | ||||||||
| January 11, 2030 |
47,050,250 | 19,833,477.50 | 42.2 | % | ||||||||
| July 11, 2030 |
46,139,600 | 18,943,976.00 | 41.1 | % | ||||||||
| January 11, 2031 |
45,228,950 | 18,054,474.50 | 39.9 | % | ||||||||
| July 11, 2031 |
44,318,300 | 17,164,973.00 | 38.7 | % | ||||||||
| January 11, 2032 |
43,407,650 | 16,275,471.50 | 37.5 | % | ||||||||
| July 11, 2032 |
42,497,000 | 15,385,970.00 | 36.2 | % | ||||||||
| January 11, 2033 |
41,586,350 | 14,496,468.50 | 34.9 | % | ||||||||
| July 11, 2033 |
40,675,700 | 13,606,967.00 | 33.5 | % | ||||||||
| January 11, 2034 |
39,765,050 | 12,717,465.50 | 32.0 | % | ||||||||
| July 11, 2034 |
— | — | 0.0 | % | ||||||||
| N462AA | ||||||||||||
| Series A | ||||||||||||
| Date |
Assumed Aircraft Value |
Outstanding Balance |
LTV | |||||||||
| Issuance Date |
$ | 60,710,000 | $ | 33,176,000.00 | 54.6 | % | ||||||
| January 11, 2023 |
59,799,350 | 32,286,498.50 | 54.0 | % | ||||||||
| July 11, 2023 |
58,888,700 | 31,396,997.00 | 53.3 | % | ||||||||
| January 11, 2024 |
57,978,050 | 30,507,495.50 | 52.6 | % | ||||||||
| July 11, 2024 |
57,067,400 | 29,617,994.00 | 51.9 | % | ||||||||
| January 11, 2025 |
56,156,750 | 28,728,492.50 | 51.2 | % | ||||||||
| July 11, 2025 |
55,246,100 | 27,838,991.00 | 50.4 | % | ||||||||
| January 11, 2026 |
54,335,450 | 26,949,489.50 | 49.6 | % | ||||||||
| July 11, 2026 |
53,424,800 | 26,059,988.00 | 48.8 | % | ||||||||
| January 11, 2027 |
52,514,150 | 25,170,486.50 | 47.9 | % | ||||||||
| July 11, 2027 |
51,603,500 | 24,280,985.00 | 47.1 | % | ||||||||
| January 11, 2028 |
50,692,850 | 23,391,483.50 | 46.1 | % | ||||||||
| July 11, 2028 |
49,782,200 | 22,501,982.00 | 45.2 | % | ||||||||
| January 11, 2029 |
48,871,550 | 21,612,480.50 | 44.2 | % | ||||||||
| July 11, 2029 |
47,960,900 | 20,722,979.00 | 43.2 | % | ||||||||
| January 11, 2030 |
47,050,250 | 19,833,477.50 | 42.2 | % | ||||||||
| July 11, 2030 |
46,139,600 | 18,943,976.00 | 41.1 | % | ||||||||
| January 11, 2031 |
45,228,950 | 18,054,474.50 | 39.9 | % | ||||||||
| July 11, 2031 |
44,318,300 | 17,164,973.00 | 38.7 | % | ||||||||
| January 11, 2032 |
43,407,650 | 16,275,471.50 | 37.5 | % | ||||||||
| July 11, 2032 |
42,497,000 | 15,385,970.00 | 36.2 | % | ||||||||
| January 11, 2033 |
41,586,350 | 14,496,468.50 | 34.9 | % | ||||||||
| July 11, 2033 |
40,675,700 | 13,606,967.00 | 33.5 | % | ||||||||
| January 11, 2034 |
39,765,050 | 12,717,465.50 | 32.0 | % | ||||||||
| July 11, 2034 |
— | — | 0.0 | % | ||||||||
| N463AA | ||||||||||||
| Series A | ||||||||||||
| Date |
Assumed Aircraft Value |
Outstanding Balance |
LTV | |||||||||
| Issuance Date |
$ | 60,760,000 | $ | 33,203,000.00 | 54.6 | % | ||||||
| January 11, 2023 |
59,848,600 | 32,312,774.75 | 54.0 | % | ||||||||
| July 11, 2023 |
58,937,200 | 31,422,549.50 | 53.3 | % | ||||||||
| January 11, 2024 |
58,025,800 | 30,532,324.25 | 52.6 | % | ||||||||
| July 11, 2024 |
57,114,400 | 29,642,099.00 | 51.9 | % | ||||||||
| January 11, 2025 |
56,203,000 | 28,751,873.75 | 51.2 | % | ||||||||
| July 11, 2025 |
55,291,600 | 27,861,648.50 | 50.4 | % | ||||||||
| January 11, 2026 |
54,380,200 | 26,971,423.25 | 49.6 | % | ||||||||
| July 11, 2026 |
53,468,800 | 26,081,198.00 | 48.8 | % | ||||||||
| January 11, 2027 |
52,557,400 | 25,190,972.75 | 47.9 | % | ||||||||
| July 11, 2027 |
51,646,000 | 24,300,747.50 | 47.1 | % | ||||||||
| January 11, 2028 |
50,734,600 | 23,410,522.25 | 46.1 | % | ||||||||
| July 11, 2028 |
49,823,200 | 22,520,297.00 | 45.2 | % | ||||||||
| January 11, 2029 |
48,911,800 | 21,630,071.75 | 44.2 | % | ||||||||
| July 11, 2029 |
48,000,400 | 20,739,846.50 | 43.2 | % | ||||||||
| January 11, 2030 |
47,089,000 | 19,849,621.25 | 42.2 | % | ||||||||
| July 11, 2030 |
46,177,600 | 18,959,396.00 | 41.1 | % | ||||||||
| January 11, 2031 |
45,266,200 | 18,069,170.75 | 39.9 | % | ||||||||
| July 11, 2031 |
44,354,800 | 17,178,945.50 | 38.7 | % | ||||||||
| January 11, 2032 |
43,443,400 | 16,288,720.25 | 37.5 | % | ||||||||
| July 11, 2032 |
42,532,000 | 15,398,495.00 | 36.2 | % | ||||||||
| January 11, 2033 |
41,620,600 | 14,508,269.75 | 34.9 | % | ||||||||
| July 11, 2033 |
40,709,200 | 13,618,044.50 | 33.5 | % | ||||||||
| January 11, 2034 |
39,797,800 | 12,727,819.25 | 32.0 | % | ||||||||
| July 11, 2034 |
— | — | 0.0 | % | ||||||||
| N464AA | ||||||||||||
| Series A | ||||||||||||
| Date |
Assumed Aircraft Value |
Outstanding Balance |
LTV | |||||||||
| Issuance Date |
$ | 60,760,000 | $ | 33,203,000.00 | 54.6 | % | ||||||
| January 11, 2023 |
59,848,600 | 32,312,774.75 | 54.0 | % | ||||||||
| July 11, 2023 |
58,937,200 | 31,422,549.50 | 53.3 | % | ||||||||
| January 11, 2024 |
58,025,800 | 30,532,324.25 | 52.6 | % | ||||||||
| July 11, 2024 |
57,114,400 | 29,642,099.00 | 51.9 | % | ||||||||
| January 11, 2025 |
56,203,000 | 28,751,873.75 | 51.2 | % | ||||||||
| July 11, 2025 |
55,291,600 | 27,861,648.50 | 50.4 | % | ||||||||
| January 11, 2026 |
54,380,200 | 26,971,423.25 | 49.6 | % | ||||||||
| July 11, 2026 |
53,468,800 | 26,081,198.00 | 48.8 | % | ||||||||
| January 11, 2027 |
52,557,400 | 25,190,972.75 | 47.9 | % | ||||||||
| July 11, 2027 |
51,646,000 | 24,300,747.50 | 47.1 | % | ||||||||
| January 11, 2028 |
50,734,600 | 23,410,522.25 | 46.1 | % | ||||||||
| July 11, 2028 |
49,823,200 | 22,520,297.00 | 45.2 | % | ||||||||
| January 11, 2029 |
48,911,800 | 21,630,071.75 | 44.2 | % | ||||||||
| July 11, 2029 |
48,000,400 | 20,739,846.50 | 43.2 | % | ||||||||
| January 11, 2030 |
47,089,000 | 19,849,621.25 | 42.2 | % | ||||||||
| July 11, 2030 |
46,177,600 | 18,959,396.00 | 41.1 | % | ||||||||
| January 11, 2031 |
45,266,200 | 18,069,170.75 | 39.9 | % | ||||||||
| July 11, 2031 |
44,354,800 | 17,178,945.50 | 38.7 | % | ||||||||
| January 11, 2032 |
43,443,400 | 16,288,720.25 | 37.5 | % | ||||||||
| July 11, 2032 |
42,532,000 | 15,398,495.00 | 36.2 | % | ||||||||
| January 11, 2033 |
41,620,600 | 14,508,269.75 | 34.9 | % | ||||||||
| July 11, 2033 |
40,709,200 | 13,618,044.50 | 33.5 | % | ||||||||
| January 11, 2034 |
39,797,800 | 12,727,819.25 | 32.0 | % | ||||||||
| July 11, 2034 |
— | — | 0.0 | % | ||||||||
Additional Information
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Deutsche Bank Securities Inc., Citigroup Global Markets Inc. or Goldman Sachs & Co. LLC toll-free at 1 (800) 503-4611, 1 (800) 945-0258 or 1 (201) 793-5170, respectively.