0000950123-11-086863.txt : 201109270000950123-11-086863.hdr.sgml : 2011092720110927092850ACCESSION NUMBER:0000950123-11-086863CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:18FILED AS OF DATE:20110927DATE AS OF CHANGE:20110927GROUP MEMBERS:AMR CORP

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:AMERICAN AIRLINES INCCENTRAL INDEX KEY:0000004515STANDARD INDUSTRIAL CLASSIFICATION:AIR TRANSPORTATION, SCHEDULED [4512]IRS NUMBER:131502798STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-160646-01FILM NUMBER:111108628

BUSINESS ADDRESS:STREET 1:4333 AMON CARTER BLVDCITY:FT WORTHSTATE:TXZIP:76155BUSINESS PHONE:8179631234

MAIL ADDRESS:STREET 1:P O BOX 619616 MD5661CITY:DALLAS FORT WORTH AISTATE:TXZIP:75261-9616

FORMER COMPANY:FORMER CONFORMED NAME:AMERICAN AIRWAYS INCDATE OF NAME CHANGE:19670629

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:AMERICAN AIRLINES INCCENTRAL INDEX KEY:0000004515STANDARD INDUSTRIAL CLASSIFICATION:AIR TRANSPORTATION, SCHEDULED [4512]IRS NUMBER:131502798STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWP

BUSINESS ADDRESS:STREET 1:4333 AMON CARTER BLVDCITY:FT WORTHSTATE:TXZIP:76155BUSINESS PHONE:8179631234

MAIL ADDRESS:STREET 1:P O BOX 619616 MD5661CITY:DALLAS FORT WORTH AISTATE:TXZIP:75261-9616

FORMER COMPANY:FORMER CONFORMED NAME:AMERICAN AIRWAYS INCDATE OF NAME CHANGE:19670629

FWP1d84607a2fwp.htmFWP

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Issuer Free Writing Prospectus
(to the PreliminaryProspectus Supplement datedSeptember 27, 2011)
Filed pursuant toRule 433
Registration No. 333-160646-01
333-160646

2011-2 EETC

Investor Presentation

Class A Certificates

September 27, 2011

Safe Harbor

Please note that many of our statements will constitute forward-lookingstatements within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended,which constitute our expectations or beliefs concerning future events. Thesematters are subject to a number of factors that could cause actual results todiffer from our expectations. These factors include, but are not limited to,domestic and international economic conditions, fuel prices, GDS disputes,general competitive factors including, but not limited to, governmentregulations and regulatory approvals, uncertainties in domestic or internationaloperations, potential industry consolidation and alliance changes, outbreaks ofa disease (such as the H1N1 virus, SARS or Avian Flu) that affects travelbehavior, acts of war or terrorism, labor costs and labor relations, our ability toaccess the capital markets and changes in our fleet plans or business strategy,any of which could affect our actual results.

Additional information concerning these and other factors is contained in ourSecurities and Exchange Commission ("SEC") filings, including but not limitedto our quarterly reports on Form 10-Q for the quarter ended June 30, 2011 andannual reports on Form 10-K for the year ended December 31, 2010.

1

This investor presentation highlights basic information about us and this offering.Because it is a summary, it does not contain all of the information that you shouldconsider before investing.

We have filed a registration statement (including a prospectus and a prospectussupplement) with the SEC for the offering to which this communication relates. Beforeyou invest, you should read the prospectus and the prospectus supplement in thatregistration statement (including the risk factors described herein) and other documentswe have filed with the SEC for more complete information about us and this offering.You may get these documents for free by visiting EDGAR on the SEC Web site atwww.sec.gov. Alternatively, American, any underwriter or any dealer participating in theoffering will arrange to send you the prospectus and the prospectus supplement if yourequest it by calling Morgan Stanley at 1-866-718-1649, Deutsche Bank at 1-800-503-4611, Goldman Sachs at 1-866-491-2526, Credit Suisse at 1-212-325-3325 or Citigroupat 1-212-723-6171 (institutional investors).

2

American Airlines 2011-2 EETC

American Airlines, Inc. ("American") is offering $725,694,000 of Class A Pass Through Certificates, Series2011-2

The Certificates will have the benefit of a security interest in 43 aircraft that are owned and operated byAmerican:

4 currently unencumbered B737-823 aircraft, originally delivered to American from 1999 to 2001

37 aircraft originally delivered to American from 1999 to 2001 and 2 aircraft originally delivered toAmerican in 2009, currently encumbered in American's 2001-2 EETC and certain private mortgages

Joint Structuring Agents & Bookrunners are Morgan Stanley and Deutsche Bank. Additional Bookrunnersare Goldman Sachs, Credit Suisse and Citigroup

3

Summary of the Offering

4

Class A

$725,694,000

Baa3 / A-

45.3%

Fixed, semi-annual, 30/360 day count

6.7 years

April 15 and October 15

October 15, 2021

0.5 - 10.0 years

April 15, 2023

Yes

3 semi-annual

interest payments

Funds raised will be held in escrow with the Depositary and withdrawn fromtime to time to purchase Equipment Notes as the aircraft are financed

Liquidity Provider: A-1 / P-1; Depositary: A-1+ / P-1

Morgan Stanley Bank, N.A.

The Bank of New York Mellon

Principal Amount

Expected Ratings

Initial / Max LTV1

Interest Rate

Initial Average Life

Regular Distribution Dates

Final Expected Distribution Date

Expected Principal Distribution Window

Final Legal Distribution Date

Section 1110 Protection

Liquidity Facility

Depositary

Liquidity Provider and Depositary Ratings

Liquidity Facility Provider

Depositary Bank

1 Initial and Max LTVs are calculated as of April 15, 2012, the first Regular Distribution Date after all aircraft are expected to have been financed

Principal Amount

Expected Ratings

Initial / Max LTV1

Interest Rate

Initial Average Life

Regular Distribution Dates

Final Expected Distribution Date

Expected Principal Distribution Window

Final Legal Distribution Date

Section 1110 Protection

Liquidity Facility

Depositary

Liquidity Provider and Depositary Ratings

Liquidity Facility Provider

Depositary Bank

Structural Features

Section 1110: All aircraft included in the collateral pool are eligible for the benefits of Section 1110 underthe U.S. bankruptcy code and are owned by American Airlines

Classes Offered: One tranche of amortizing debt is being offered, benefiting from a liquidity facilitycovering three semi-annual interest payments

Waterfall: Interest on the Preferred Pool Balance on a Class B, if issued, will be paid ahead of Class Aprincipal (consistent with recent precedent EETCs, including AA 2011-1)

Buy-Out Rights: If Class B Certificates are issued, Class B Certificateholders will have the right topurchase all (but not less than all) of the Class A Certificates at par plus accrued and unpaid interestupon certain events during an American Airlines bankruptcy

Cross-Default: Provisions are available from date of issuance

Cross-Collateralization: Provisions are available from date of issuance

Collateral: Pool features aircraft types critical to American's current fleet operations

Substitution Rights: American may elect to release any airframe from the security interest of the relatedindenture and substitute it with an airframe of the same model so long as no indenture event of defaulthas occurred and is continuing at the time of substitution, the substitute airframe has a date ofmanufacture no earlier than one year prior to the date of manufacture of the airframe subject to suchindenture on the issuance date of the related equipment notes, and the substitute airframe has anappraised current market value, adjusted for its maintenance status, not less than that of the releasedairframe

5

American has obtained Desktop Appraisals from three appraisers: Aircraft Information Services, BKAssociates and Morten Beyer & Agnew

Appraisals are based on Maintenance Adjusted Base Values

Maintenance Adjusted Base Value includes adjustments from the mid-time, mid-life baseline to account forthe actual maintenance status of the aircraft

Appraisers utilized August 2011 maintenance information provided by American

The aggregate aircraft appraised value is $1,588,813,333(1)

Appraisals indicate an initial collateral cushion of 54.7%(2) on the Class A Certificates, which generallyincreases over time as the debt amortizes and the aircraft depreciate based on the depreciation rateand method assumptions set forth in the Preliminary Prospectus Supplement

Appraisals are available in the Preliminary Prospectus Supplement

Aircraft Appraisals

1 Appraised value is the lesser of the average and median values of each aircraft as appraised by the three appraisers. An appraisal is only anestimate of value and should not be relied upon as a measure of realizable value

2 Initial collateral cushion is calculated as of April 15, 2012, the first Regular Distribution Date after all aircraft are expected to have been financed

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Collateral Summary

1 The lesser of the average and median of Maintenance Adjusted Base Values as appraised by Aircraft Information Services, BK Associates andMorten Beyer & Agnew

2 American has received internal approvals to convert the two non-ETOPS approved aircraft (N195AN and N196AA) to ETOPS approved aircraft andto American's international configuration

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Collateral Pool

1 Values used are the lesser of the average and median of Maintenance Adjusted Base Values as appraised by Aircraft Information Services, BKAssociates and Morten Beyer & Agnew

2 All the B737-823s and B757-223s in this deal have winglets installed

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Widebodies56%

Narrowbodies44%

American 2011-2 Collateral Mix

Distribution of Appraised Value(1)

(2)

(2)

The aircraft types included in the proposed EETC represent an important component of AmericanAirline's current fleet

B737-823

American Airlines has positioned the B737-823 as the primary aircraft to support its domesticnetwork

American Airlines is in the process of replacing a portion of its MD-80 fleet with B737-823aircraft

B757-223

American Airlines leverages the B757-223 to fly certain routes that require the uniqueperformance characteristics (service to "hot and high" airports) and/or range of the B757-223

12 out of 14 B757-223s in the deal are ETOPS approved and 7 out of these 12 B757-223s are inAmerican's international configuration

American has received internal approvals to convert the two non-ETOPS approved aircraft(N195AN and N196AA) to ETOPS approved aircraft and to American's internationalconfiguration

B777-223ER

The B777-223ER is American Airlines' current Flagship aircraft used in premium internationalmarkets

All B777-223ERs in the deal are ETOPS approved

Currently only 7 other B777-223ER aircraft in American Airlines' fleet are younger than theB777-223ER aircraft in this deal

Importance of Collateral Aircraft

9

1 Source: American Airlines

Importance of Collateral Aircraft

Current Routes Flown by B757-223 and B777-223ER Aircraft

10

The unique performance andcapacity characteristics of theB757-223 allow American to flycertain routes more efficientlythan it would with its B737-823s

1 Source: American Airlines

The internationalconfiguration B757-223s areuniquely suited to efficientlyutilize the capacity and rangeof the aircraft in serving keyinternational markets

The B777-223ER supportsthe major internationalroutes, which are bolsteredby American's JointBusiness Arrangements withBritish Airways / Iberia in theAtlantic and JAL in thePacific

Collateral Aircraft's Role in American Airlines' Atlantic-Pacific Network

11

Beyond its domesticstrength, AmericanAirlines has anextensive internationalnetwork

American serves keybusiness centers inEurope and Asia

Also it providesextensive service toLatin America, Mexicoand the Caribbean

The B757-223 andB777-223ER aircraft arekey aircraft inAmerican's currentinternational network

1 Source: American Airlines

American Airlines' Atlantic and Pacific Network

As of August, 2011

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1 Source: American Airlines

2 B787-9 order subject to American Airlines' confirmation rights

3 As of June 30, 2011

4 Currently only 7 other B777-223ER aircraft in American Airlines' fleet are younger than the B777-223ER aircraft in this deal

5 American has received internal approvals to convert these non-ETOPS approved aircraft (N195AN and N196AA) to ETOPS approved aircraft and to American's international configuration

6 All B777-223ERs in this deal are ETOPS approved

American Airlines' Fleet

(1)

(2)

Position of Collateral Aircraft in American Airlines' Current Fleet

Boeing 737-800 Overview

Features(1):

Currently the most popular and liquid type of aircraft in existence

Expected to be in production for more than the next 10 years

Over 130 airline operators including a mix of legacy, charter and low cost carriers

Preferred aircraft type for lessors

Over 3,700 aircraft have been sold, including 1,500 on order backlog

Only 1% of the total fleet is currently in storage, and very few are available for sale or lease

Favorable economics for the airline, with nine more seats than the A320 in a high density configuration

Importance to American(2):

The B737-823 has been positioned currently as the primary aircraft to support American's domestic network

American is in the process of replacing a portion of its MD-80 fleet with B737-823 aircraft

American's Recent Investments(2):

In the process of retrofitting vintage cabins on all B737-823s in this transaction to match new delivery 160 seat cabin; improvementsinclude:

New first and coach class seats developed to match the new delivery B737-823 aircraft

Increased seat density from 148 to 160 seats

Modified overhead bin doors to allow roll-a-boards wheels first

110 AC power ports located at every first class seat and two ports located at every three coach class seats

20 drop down 10.4" LCD Monitors

13

1 Source: MBA and Ascend

2 Source: American Airlines

Boeing 757-200 Overview

Features(1):

B757 family has the most seats in the narrowbody market

Highly versatile aircraft, serving a mix of routes including short-haul and transatlantic routes

Winglet option improves aircraft economics and allows for increased range and operational efficiency

Sustained popularity, with no direct substitute in size and range

Size makes B757-200s an ideal candidate for freighter conversion

Values and lease rates are up for the older vintages

Importance to American(2):

The B757-223 aircraft complements American's existing narrowbody fleet with a higher capacity aircraft

American Airlines leverages the B757-223 to fly certain routes that require the unique performance characteristics (service to "hot and high" airports) and/orrange of the B757-223

Key aircraft type in American's current international network

American has received internal approvals to convert the two non-ETOPS approved aircraft (N195AN and N196AA) to ETOPS approved aircraft and toAmerican's international configuration

American's Recent Investments(2):

Seven out of the fourteen B757-223s in this transaction are in American's international configuration which includes:

New business class seats with motorized angled lie-flat seats and new coach class seats

New lavatories with larger lavatory tanks

New forward closet/footwell

In-seat Audio/Video On-Demand (AVOD) in business class

Added winglets on all B757-223s in this transaction

14

1 Source: MBA and Ascend

2 Source: American Airlines

Boeing 777-200ER Overview

Features(1):

Large global penetration spread over diverse operating base

New technology and operating economics have made it one of the most popular widebody

aircraft of all time with over 400 aircraft sold

Only 1% of the global fleet is currently in storage

An increased range and gross-weight have made this aircraft the staple of the transatlantic crossing for many operators

Importance to American(2):

The B777-223ER is American Airlines' current Flagship aircraft used in premium international markets

All B777-223ERs in the deal are ETOPS approved

American's Recent Investments(2):

Refurbishment of all B777-223ERs in this transaction completed in September 2008

Installed the first class Flagship Suite(r) on all B777-223ER aircraft

Next generation lie-flat business class seat

Improved digital fileservers providing in-seat Audio/Video On-Demand (AVOD)

15

1 Source: MBA and Ascend

2 Source: American Airlines

Company Information

As of June 30, 2011, American Airlines, principal subsidiary of AMRCorporation, provides scheduled jet services to approximately 160 destinationsthroughout North America, the Caribbean, Latin America, Europe and Asia.Together with its regional affiliates, American Airlines serves more than 250cities in 50 countries with, on average, more than 3,500 daily flights.

More information about American Airlines, including its most recent financialinformation, can be found in its filings on the SEC website (www.sec.gov),including but not limited to its quarterly report on Form 10-Q for the quarterended June 30, 2011 and annual report on Form 10-K for the year endedDecember 31, 2010.

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