American Airlines prices Class B pass-through certificates backed by 37 aircraft

Filed July 27, 2026 · ~2 min read

Key Changes

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  American is issuing Class B certificates representing fractional interests in a trust that will purchase equipment notes secured by 37 aircraft: 22 new deliveries (9 A321neo, 5 A321 XLR, 8 Embraer E175) scheduled through February 2027, plus 15 older aircraft already in service (13 A321-200 and 2 Boeing 777-300ER from 2013-2014).

  Use of Proceeds verify on EDGAR →
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  Class B certificates are subordinated to Class A certificates in the payment waterfall. In a liquidation, Class B holders may recover less than unsecured creditors of the same claim amount due to the subordination structure.

  Risk Factors verify on EDGAR →
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  The transaction contains no financial covenants, no restrictions on additional debt or dividends, and no limits on asset pledging. American can materially worsen its financial condition without breaching any covenant.

  Risk Factors verify on EDGAR →