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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group Inc.    AAL

AMERICAN AIRLINES GROUP INC.

(AAL)
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AMERICAN AIRLINES GROUP INC. : Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

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07/02/2020 | 02:12pm EDT

ITEM 1.02. TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

           .


In connection with the pricing of its offering of the Notes, on June 25, 2020,
the Company delivered notice of its intent, effective June 30, 2020, to repay in
full and terminate the Credit and Guaranty Agreement, dated as of March 18,
2020, among American Airlines, Inc., as the borrower, American Airlines Group
Inc., as parent and guarantor, the lenders party thereto, Citibank N.A., as
administrative agent and collateral agent and certain other parties thereto (the
"Delayed Draw Term Loan Credit Agreement" and, together with all security
documents and all other loan documents related thereto, the "Delayed Draw Term
Loan Credit Documents"). Pursuant to the terms of the Delayed Draw Term Loan
Credit Agreement, on June 30, 2020, the Company repaid the full amount of
outstanding borrowings under the Delayed Draw Term Loan Credit Agreement, which
totaled approximately $1.0 billion, plus accrued interest thereon and all other
obligations under the Delayed Draw Term Loan Credit Documents, and the Delayed
Draw Term Loan Credit Documents were terminated in full. The material terms and
conditions of the Delayed Draw Term Loan Credit Agreement were described in the
Company's Current Report on Form
8-K
filed on March 19, 2020.
--------------------------------------------------------------------------------


ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant
           .


The description set forth under Item 1.01 of this Form 8-K is incorporated by reference herein in its entirety.

ITEM 7.01. REGULATION FD DISCLOSURE.

On July 1, 2020, the Company issued a press release regarding the long-haul international schedule for the Company for winter 2020 through summer 2021, which press release is furnished herewith as Exhibit 99.1 and is incorporated by reference into this Item 7.01. The information in this Item 7.01, including Exhibit 99.1, 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 (the "Exchange Act"), 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 (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.


(d) Exhibits.
Exhibit
  No.                                       Description

     4.1         Indenture, dated as of June 30, 2020, by and among American
               Airlines, Inc., American Airlines Group and Wilmington Trust, National
               Association, as trustee.

     4.2         Form of 11.750% Senior Secured Notes due 2025 (included as Exhibit A
               to the Indenture filed herewith as Exhibit 4.1).

    99.1         Press Release, dated July 1, 2020.

   104.1       Cover Page Interactive Data File (embedded within the Inline XBRL
               document).


Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements contained in this report should be considered
forward-looking statements within the meaning of the Securities Act, the
Exchange Act, and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by words such as "may," "will,"
"expect," "intend," "anticipate," "believe," "estimate," "plan," "project,"
"could," "should," "would," "continue," "seek," "target," "guidance," "outlook,"
"if current trends continue," "optimistic," "forecast" and other similar words.
Such statements include, but are not limited to, statements about the Company's
plans, objectives, expectations, intentions, estimates and strategies for the
future, and other statements that are not historical facts. These
forward-looking statements are based on the Company's current objectives,
beliefs and expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position and timing of
certain events to differ materially from the information in the forward-looking
statements. These risks and uncertainties include, but are not limited to, those
set forth in the Company's Quarterly Report on Form
10-Q
for the three months ended March 31, 2020 (especially in Part I, Item 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations and Part II, Item
--------------------------------------------------------------------------------
1A. Risk Factors), as updated by Exhibit 99.3 attached to the Company's Current
Report on Form
8-K
filed on June 22, 2020, and other risks and uncertainties listed from time to
time in the Company's other filings with the Securities and Exchange Commission.
There may be other factors of which the Company is not currently aware that may
affect matters discussed in the forward-looking statements and may also cause
actual results to differ materially from those discussed. In particular, the
consequences of the coronavirus outbreak to economic conditions and the travel
industry in general and the financial position and operating results of the
Company in particular have been material, are changing rapidly, and cannot be
predicted. The Company does not assume any obligation to publicly update or
supplement any forward-looking statement to reflect actual results, changes in
assumptions or changes in other factors affecting these forward-looking
statements other than as required by law. Any forward-looking statements speak
only as of the date hereof or as of the dates indicated in the statement.
--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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