Debt

3 Months Ended

Mar. 31, 2016

Debt

5. Debt

Long-term debt and capital lease obligations included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2016		December 31, 2015
Secured
2013 Credit Facilities, variable interest rate of 3.25%, installments through 2020	$	1,867	$	1,867
2014 Credit Facilities, variable interest rate of 3.50%, installments through 2021		743		743
2013 Citicorp Credit Facility tranche B-1, variable interest rate of 3.50%, installments through 2019		980		980
2013 Citicorp Credit Facility tranche B-2, variable interest rate of 3.00%, installments through November 2016		588		588
Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3.38% to 9.75%, maturing from 2017 to 2028		9,634		8,693
Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.83% to 8.48%, maturing from 2016 to 2028		4,449		4,183
Special facility revenue bonds, fixed interest rates ranging from 2.00% to 8.00%, maturing from 2016 to 2035		1,080		1,080
Other secured obligations, fixed interest rates ranging from 3.60% to 12.24%, maturing from 2016 to 2028		908		923
		20,249		19,057
Unsecured
5.50% senior notes, interest only payments until due in 2019		750		750
6.125% senior notes, interest only payments until due in 2018		500		500
4.625% senior notes, interest only payments until due in 2020		500		500
		1,750		1,750
Total long-term debt and capital lease obligations		21,999		20,807
Less: Total unamortized debt discount and debt issuance costs		255		246
Less: Current maturities		2,610		2,231
Long-term debt and capital lease obligations, net of current maturities	$	19,134	$	18,330

The table below shows availability under revolving credit facilities, all of which were undrawn, as of March 31, 2016 (in millions):

2013 Revolving Facility	$	1,400
2014 Revolving Facility		1,025
Total	$	2,425

2016 Financing Activities

2016-1 EETCs

In January 2016, American created three pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2016-1 Class AA, Class A and Class B EETCs (the 2016-1 EETCs) in connection with the financing of 22 aircraft owned by American (the 2016-1 EETC Aircraft).

All of the proceeds received from the sale of the 2016-1 EETCs have been used to purchase equipment notes issued by American in three series: Series AA equipment notes in the principal amount of $584 million bearing interest at 3.575% per annum, Series A equipment notes in the principal amount of $262 million bearing interest at 4.10% per annum and Series B equipment notes in the principal amount of $228 million bearing interest at 5.25% per annum. Interest and principal payments on the equipment notes are payable semi-annually in January and July of each year, beginning in July 2016. The final payments on the Series AA and Series A equipment notes are due in January 2028 and the final payment on the Series B equipment notes is due in January 2024. These equipment notes are secured by liens on the 2016-1 EETC Aircraft.

Other Aircraft Financing Transactions

In the first quarter of 2016, we entered into loan agreements to borrow $426 million in connection with the financing of certain aircraft. Debt incurred under these loan agreements matures in 2027 and 2028.

American Airlines, Inc. [Member]

Debt

3. Debt

Long-term debt and capital lease obligations included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2016		December 31, 2015
Secured
2013 Credit Facilities, variable interest rate of 3.25%, installments through 2020	$	1,867	$	1,867
2014 Credit Facilities, variable interest rate of 3.50%, installments through 2021		743		743
2013 Citicorp Credit Facility tranche B-1, variable interest rate of 3.50%, installments through 2019		980		980
2013 Citicorp Credit Facility tranche B-2, variable interest rate of 3.00%, installments through November 2016		588		588
Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3.38% to 9.75%, maturing from 2017 to 2028		9,634		8,693
Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.83% to 8.48%, maturing from 2016 to 2028		4,449		4,183
Special facility revenue bonds, fixed interest rates ranging from 2.00% to 8.00%, maturing from 2016 to 2035		1,051		1,051
Other secured obligations, fixed interest rates ranging from 3.60% to 12.24%, maturing from 2016 to 2028		907		922
		20,219		19,027
Unsecured
Affiliate unsecured obligations		27		27
		27		27
Total long-term debt and capital lease obligations		20,246		19,054
Less: Total unamortized debt discount and debt issuance costs		238		228
Less: Current maturities		2,613		2,234
Long-term debt and capital lease obligations, net of current maturities	$	17,395	$	16,592

The table below shows availability under revolving credit facilities, all of which were undrawn, as of March 31, 2016 (in millions):

2013 Revolving Facility	$	1,400
2014 Revolving Facility		1,025
Total	$	2,425

2016 Financing Activities

2016-1 EETCs

In January 2016, American created three pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2016-1 Class AA, Class A and Class B EETCs (the 2016-1 EETCs) in connection with the financing of 22 aircraft owned by American (the 2016-1 EETC Aircraft).

All of the proceeds received from the sale of the 2016-1 EETCs have been used to purchase equipment notes issued by American in three series: Series AA equipment notes in the principal amount of $584 million bearing interest at 3.575% per annum, Series A equipment notes in the principal amount of $262 million bearing interest at 4.10% per annum and Series B equipment notes in the principal amount of $228 million bearing interest at 5.25% per annum. Interest and principal payments on the equipment notes are payable semi-annually in January and July of each year, beginning in July 2016. The final payments on the Series AA and Series A equipment notes are due in January 2028 and the final payment on the Series B equipment notes is due in January 2024. These equipment notes are secured by liens on the 2016-1 EETC Aircraft.

Other Aircraft Financing Transactions

In the first quarter of 2016, American entered into loan agreements to borrow $426 million in connection with the financing of certain aircraft. Debt incurred under these loan agreements matures in 2027 and 2028.