FORT WORTH, Texas (AP) - American Airlines' parent company said Friday that it paid off a $285 million debt and expects to complete refinancing another $350 million in debt by mid-April.
AMR Corp. said the $285 million principal balance was on a senior secured line of credit that had been fully drawn since being opened in December 2004. AMR said the credit facility could be redrawn depending on economic and industry conditions and the company's financial condition.
Fort Worth-based AMR also said that its American Eagle subsidiary recently prepaid $79 million in aircraft debt.
Together the moves should reduce annual net interest expenses $15 million, AMR said.
AMR said it expected to end the March quarter with $5.8 billion in cash and short-term investments, including nearly $500 million in restricted funds, up from $4.8 billion a year ago.
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