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American Air Prices $10 Billion Debt Sale Amid Robust Demand

  • Orders reached $30 billion for bonds, $15 billion for loan
  • Debt sale largest ever by an airline, replaces Treasury loan
A traveler wearing a protective mask walks through an airport.
A traveler wearing a protective mask walks through an airport.Photographer: Sarah Silbiger/Bloomberg
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American Airlines Group Inc. priced a $10 billion bond and loan offering backed by its frequent-flyer program as investors clamored for the protection provided by the special structure.

The carrier received around $45 billion in orders on the total $10 billion deal, according to people with knowledge of the matter, who asked not to be named discussing a private transaction. Roughly $30 billion of the demand was for the bond portion.