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Article Excerpt
Expects to End Third Quarter with Approximately $4.4 Billion in Cash; Additional Proceeds from $450 Million Private Debt Sale Expected to be Received in October
FORT WORTH, Texas, Sept. 29 /PRNewswire-FirstCall/ -- AMR Corporation , the parent company of American Airlines and American Eagle Airlines, announced the completion of its offerings of 48,484,849 shares of its common stock and $460,000,000 principal amount of its 6.25% convertible senior notes due 2014. Completion of the offerings, which closed yesterday, together with a number of other recent transactions, has improved the company's liquidity position as it seeks to weather the current global financial downturn and build a financial foundation for the future. The aggregate net proceeds from the offerings, after underwriting discounts and expenses, were approximately $830 million.
All told, AMR and American have announced approximately $4.2 billion in additional liquidity and new aircraft financing in September. All of this financing is in addition to the more than $1.2 billion the Company raised earlier this year through both private and public financings of owned aircraft and the financing of new 737s to be delivered through 2011.
"We believe AMR has been able to secure these strong votes of confidence from our...
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