On February 15, 2023, American Airlines, Inc., a Delaware corporation (the “Company”) and American Airlines Group Inc. (“AAG” or the “Guarantor”) entered into the Seventh Amendment to Amended and Restated Credit and Guaranty Agreement (the “Seventh Amendment”), amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended or amended and restated prior to the date hereof, the “Prior 2013 Credit Agreement” and, as amended by the Seventh Amendment, the “2013 Credit Agreement”), among the Company, AAG, the lenders from time to time party thereto, Barclays Bank PLC as successor to Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and certain other parties thereto. Pursuant to the Seventh Amendment, the maturity date of all term loans that will remain outstanding under the term loan facility under the 2013 Credit Agreement (the “2013 Term Loan Facility”) was extended to February 15, 2028 from June 27, 2025. The Seventh Amendment amended certain other terms of the Prior 2013 Credit Agreement, including the interest rate for the 2013 Term Loan Facility, amortization schedule, the requirements for delivery of appraisals, and certain covenants relating to dispositions of collateral. Additionally, the Seventh Amendment transitioned the benchmark interest rate from LIBOR to the term secured overnight funding rate (“SOFR”). As a result of the Seventh Amendment, the 2013 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.75% or, at the Company’s option, the SOFR rate for a tenor of one, three or
six-months,
depending on the interest period selected by the Company (subject to a floor of 0.00%),
the SOFR adjustment applicable to such interest period
an applicable margin of 2.75%. After giving effect to the issuance of the Notes (as defined below) and the application of the proceeds therefrom, there was $1,000 million aggregate principal outstanding under the 2013 Term Loan Facility. See the Annual Report on Form
10-K
of AAG and the Company for the fiscal year ended December 31, 2021, as supplemented by the Quarterly Report on Form
10-Q
of AAG and the Company for the quarter ended September 30, 2022, for more information regarding the credit facilities established under the 2013 Credit Agreement.