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American Airlines, Inc. | Series 2025-1 EETC

mindmap
  root((AA 2025-1 EETC))
    Snapshot
      "Class A: $883.6M"
      "Class B: $220.9M"
      "LTV: 58.0% / 72.5%"
      "Tenor: 12.5y / 9.0y"
    Parties
      Borrower American Airlines
      Trustee Wilmington Trust
      Liquidity Natixis
      Depositary SMBC
    Collateral
      25 New Aircraft
      "Value: $1.545B"
      Section 1110 Protected
    Waterfall
      Fees and Liquidity
      Class A Interest
      Class B Interest
      Class A Principal
    Control
      Controlling Class A Trustee
      Subordinate Buyout Rights

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Haven’t checked my work, made some time saving assumptions in the PoP. Need to add basic opening ratios from the below.

American Airlines 2025-1 EETC | Deal Terms

Deal Terms

American Airlines, Inc. | Series 2025-1 EETC

Pass Through Certificates issued via 2025-1A and 2025-1B Pass Through Trusts, backed by secured equipment notes across a 25-aircraft collateral pool.

Total: $1,104,534,000

Pay Dates: May 11 / Nov 11

Liquidity: 3x interest periods

Bankruptcy: Section 1110

Structure & Timing

Issuer / Format	Pass Through Certificates (EETC) via two trusts (2025-1A / 2025-1B)
Borrower / Obligor	American Airlines, Inc. (equipment notes are full recourse obligations)
Aggregate Amount	$1,104,534,000
Payment Frequency	Semiannual distributions on May 11 and Nov 11
Collateral Pool	25 aircraft, financed as delivered
Escrow / Pre-delivery	Proceeds held in interest-bearing deposits; drawn to purchase equipment notes as aircraft are financed
Liquidity Facility	Interest liquidity sized to cover three semiannual interest payments

Note: Expected vs Legal final distribution dates differ by tranche

Tranches

Class A

S&P / Fitch: A+ / A-

Initial Face$883,625,000

Initial / Max LTV58.0% / 58.0%

Expected Tenor / WAL12.5y / 8.7y

Final ExpectedMay 11, 2038

Final LegalNov 11, 2039

Class B

S&P / Fitch: BBB / BBB-

Initial Face$220,909,000

Initial / Max LTV72.5% / 72.5%

Expected Tenor / WAL9.0y / 6.0y

Final ExpectedNov 11, 2034

Final LegalMay 11, 2036

Enhancement is delivered through tranche subordination, a pooled aircraft collateral package, and dedicated interest liquidity.