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Debt
 9 Months Ended
Sep. 30, 2022
Debt Instrument [Line Items]  
Debt Debt
Long-term debt included in the condensed consolidated balance sheets consisted of (in millions):
September 30, 2022December 31, 2021
Secured
2013 Term Loan Facility, variable interest rate of 4.83%, installments through 2025
$1,752 $1,770 
2014 Term Loan Facility, variable interest rate of 4.87%, installments through 2027
1,196 1,208 
December 2016 Term Loan Facility, variable interest rate of 4.82%, installments through 2023
1,188 1,188 
11.75% senior secured notes, interest only payments until due in July 2025
2,500 2,500 
10.75% senior secured IP notes, interest only payments until due in February 2026
1,000 1,000 
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026
200 200 
5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1)
3,500 3,500 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
AAdvantage Term Loan Facility, variable interest rate of 7.46%, installments beginning in July 2023 through April 2028 (1)
3,500 3,500 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.76%, maturing from 2022 to 2034
9,352 9,357 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.21% to 6.29%, averaging 4.45%, maturing from 2022 to 2032
3,075 3,433 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
1,050 1,129 
31,313 31,785 
Unsecured
PSP1 Promissory Note, interest only payments until due in April 20301,757 1,765 
PSP2 Promissory Note, interest only payments until due in January 20311,030 1,035 
PSP3 Promissory Note, interest only payments until due in April 2031959 946 
6.50% convertible senior notes, interest only payments until due in July 2025
1,000 1,000 
3.75% senior notes, interest only payments until due in March 2025
500 500 
5.000% senior notes
— 750 
5,246 5,996 
Total long-term debt36,559 37,781 
Less: Total unamortized debt discount, premium and issuance costs401 458 
Less: Current maturities2,560 2,315 
Long-term debt, net of current maturities$33,598 $35,008 
(1)Collectively referred to as the AAdvantage Financing.
As of September 30, 2022, the maximum availability under our revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$750 
2014 Revolving Facility1,643 
April 2016 Revolving Facility450 
Short-term Revolving and Other Facilities220 
Total$3,063 
American has an undrawn $150 million short-term revolving credit facility, which was set to expire at the beginning of January 2022 but which has been extended through the beginning of January 2023. American also currently has $70 million of available borrowing base under a cargo receivables facility that was entered into in December 2020 and is set to expire in December 2022. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
6.50% Convertible Senior Notes
At September 30, 2022, the if-converted value of the 6.50% convertible senior notes due 2025 (the Convertible Notes) did not exceed the principal amount. The last reported sale price per share of our common stock (as defined in the indenture governing our Convertible Notes, the Convertible Notes Indenture) did not exceed 130% of the conversion price of the Convertible Notes for at least 20 of the 30 consecutive trading days ending on September 30, 2022. Accordingly, pursuant to the terms of the Convertible Notes Indenture, the holders of the Convertible Notes cannot convert at their option at any time during the quarter ending December 31, 2022. Each $1,000 principal amount of Convertible Notes is convertible at a rate of 61.7284 shares of our common stock, subject to adjustment as provided in the Convertible Notes Indenture. We may settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.
2022 Financing Activities
2021-1 Aircraft EETCs
In November 2021, American created two pass-through trusts which issued $960 million aggregate face amount of Series 2021-1 Class A and Class B EETCs (the 2021-1 Aircraft EETCs) in connection with the financing of 26 aircraft previously delivered or originally scheduled to be delivered to American through September 2022 (the 2021-1 Aircraft). In 2021, $94 million of the proceeds had been used to purchase equipment notes issued by American in connection with the financing of five aircraft under the 2021-1 Aircraft EETCs, all of which was used to repay existing indebtedness. During the nine months ended September 30, 2022, $699 million of proceeds had been used to purchase equipment notes issued by American in connection with the financing of 17 aircraft under the 2021-1 Aircraft EETCs. Interest and principal payments on equipment notes issued in connection with the 2021-1 Aircraft EETCs are payable semi-annually in January and July of each year. Interest payments began in July 2022 and principal payments are scheduled to begin in January 2023. The remaining proceeds of $167 million as of September 30, 2022 were being held in escrow with a depositary for the benefit of the holders of the 2021-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2021-1 Aircraft to the pass-through trusts, which will purchase such additional equipment notes with the escrowed funds. These escrowed funds are not guaranteed by American and are not reported as debt on its condensed consolidated balance sheets because the proceeds held by the depositary for the benefit of the holders of the 2021-1 Aircraft EETCs are not American’s assets.
Certain information regarding the 2021-1 Aircraft EETC equipment notes, as of September 30, 2022, is set forth in the table below.
2021-1 Aircraft EETCs
Series A
Series B
Aggregate principal issued
$758 million$202 million
Remaining escrowed proceeds
$133 million$34 million
Fixed interest rate per annum
2.875%3.95%
Maturity date
July 2034July 2030
Other Financing Activities
During the nine months ended September 30, 2022, we repurchased $349 million of unsecured notes on the open market.
American Airlines, Inc.  
Debt Instrument [Line Items]  
Debt Debt
Long-term debt included in the condensed consolidated balance sheets consisted of (in millions):
September 30, 2022December 31, 2021
Secured
2013 Term Loan Facility, variable interest rate of 4.83%, installments through 2025
$1,752 $1,770 
2014 Term Loan Facility, variable interest rate of 4.87%, installments through 2027
1,196 1,208 
December 2016 Term Loan Facility, variable interest rate of 4.82%, installments through 2023
1,188 1,188 
11.75% senior secured notes, interest only payments until due in July 2025
2,500 2,500 
10.75% senior secured IP notes, interest only payments until due in February 2026
1,000 1,000 
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026
200 200 
5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1)
3,500 3,500 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
AAdvantage Term Loan Facility, variable interest rate of 7.46%, installments beginning in July 2023 through April 2028 (1)
3,500 3,500 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.76%, maturing from 2022 to 2034
9,352 9,357 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.21% to 6.29%, averaging 4.45%, maturing from 2022 to 2032
3,075 3,433 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
1,050 1,129 
Total long-term debt31,313 31,785 
Less: Total unamortized debt discount, premium and issuance costs378 428 
Less: Current maturities2,560 1,568 
Long-term debt, net of current maturities$28,375 $29,789 
(1)Collectively referred to as the AAdvantage Financing.
As of September 30, 2022, the maximum availability under American's revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$750 
2014 Revolving Facility1,643 
April 2016 Revolving Facility450 
Short-term Revolving and Other Facilities220 
Total$3,063 
American has an undrawn $150 million short-term revolving credit facility, which was set to expire at the beginning of January 2022 but which has been extended through the beginning of January 2023. American also currently has $70 million of available borrowing base under a cargo receivables facility that was entered into in December 2020 and is set to expire in December 2022. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
2022 Financing Activities
2021-1 Aircraft EETCs
In November 2021, American created two pass-through trusts which issued $960 million aggregate face amount of Series 2021-1 Class A and Class B EETCs (the 2021-1 Aircraft EETCs) in connection with the financing of 26 aircraft previously delivered or originally scheduled to be delivered to American through September 2022 (the 2021-1 Aircraft). In 2021, $94 million of the proceeds had been used to purchase equipment notes issued by American in connection with the financing of five aircraft under the 2021-1 Aircraft EETCs, all of which was used to repay existing indebtedness. During the nine months ended September 30, 2022, $699 million of proceeds had been used to purchase equipment notes issued by American in connection with the financing of 17 aircraft under the 2021-1 Aircraft EETCs. Interest and principal payments on equipment notes issued in connection with the 2021-1 Aircraft EETCs are payable semi-annually in January and July of each year. Interest payments began in July 2022 and principal payments are scheduled to begin in January 2023. The remaining proceeds of $167 million as of September 30, 2022 were being held in escrow with a depositary for the benefit of the holders of the 2021-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2021-1 Aircraft to the pass-through trusts, which will purchase such additional equipment notes with the escrowed funds. These escrowed funds are not guaranteed by American and are not reported as debt on its condensed consolidated balance sheets because the proceeds held by the depositary for the benefit of the holders of the 2021-1 Aircraft EETCs are not American’s assets.
Certain information regarding the 2021-1 Aircraft EETC equipment notes, as of September 30, 2022, is set forth in the table below.
2021-1 Aircraft EETCs
Series A
Series B
Aggregate principal issued
$758 million$202 million
Remaining escrowed proceeds
$133 million$34 million
Fixed interest rate per annum
2.875%3.95%
Maturity date
July 2034July 2030