ICBC contributes to $1.535 billion USD term loan to American Airlines for general corporate purpose in 2018 (Linked to Record ID#108608 and #10869)

Project narrative

On April 20, 2015, American Airlines and certain banks signed into a loan. There’s no Chinese bank involvement. On October 26, 2015, financial close was reached on a deal in which a syndicate of 13 banks — including ICBC — entered into a $625,000,000 USD syndicated loan agreement with American Airlines, Inc., a major U.S.-based airline headquartered in Fort Worth, Texas. The maturity of the loan is 5 years — until October 10, 2020 — and the interest rate was LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes. The proceeds were used by the borrower to support general corporate purposes, which typically include funding operations, paying down existing debt, or investing in assets or services. While ICBC contributed $52,835,000 USD to this loan (Record ID#108608), the following lenders also participated: Citibank, N.A. ($61,225,600 USD), Bank of America, N.A. ($61,225,600 USD), Barclays Bank PLC ($61,225,600 USD), BNP Paribas ($30,612,600 USD), Credit Agricole Corporate and Investment Bank ($30,612,600 USD), Credit Suisse AG, Cayman Islands Branch ($61,225,600 USD), Deutsche Bank AG New York Branch ($61,225,600 USD), Goldman Sachs Bank USA ($61,225,600 USD), JPMorgan Chase Bank, N.A. ($61,225,600 USD), Morgan Stanley Bank, N.A. ($49,995,600 USD), Morgan Stanley Senior Funding, Inc. ($11,230,000 USD), and US Bank, National Association ($21,135,000 USD). In September 2016, the parties entered into a second amendment to the agreement, where they altered certain definitions. In June 2017, the parties entered into a third amendment to the agreement, where they again altered certain definitions. On August 17, 2017, financial close was reached on a deal in which a syndicate of 16 banks — including ICBC — entered into a $1,000,000,000 USD syndicated loan amendment with American Airlines, Inc., a major U.S.-based airline headquartered in Fort Worth, Texas. The amendment extended the loan’s maturity to October 13, 2022, and maintained the interest rate at LIBOR plus an applicable margin. The use of proceeds remained for general corporate purposes. The proceeds were used by the borrower to support general corporate purposes, which typically include funding operations, refinancing existing obligations, or investing in new service enhancements. While ICBC participated in this loan amendment (Record ID#108609), the following lenders also participated: Citibank, N.A. ($300,000,000 USD), Bank of America, N.A., Barclays Bank PLC, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., BNP Paribas, Credit Agricole Corporate and Investment Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, and Texas Capital Bank, N.A. On December 10, 2018, financial close was reached on a deal in which a syndicate of 19 banks — including ICBC — entered into a $1,535,000,000 USD syndicated loan amendment with American Airlines, Inc., a major U.S.-based airline headquartered in Fort Worth, Texas. The amendment extended the loan’s maturity to October 13, 2023, and maintained the interest rate at LIBOR plus an applicable margin. The use of proceeds remained for general corporate purposes. The proceeds were used by the borrower to support general corporate purposes. While ICBC participated in this loan amendment (Record ID#108610), the following lenders also participated: Citibank, N.A. ($300,000,000 USD), Bank of America, N.A., Barclays Bank PLC, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., BNP Paribas, Credit Agricole Corporate and Investment Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, and Texas Capital Bank, N.A. This marked the sixth amendment to the original agreement — extending the maturity of the loan by an additional year while preserving its original structure and purpose.