FORT WORTH, TX (September 18, 2008) – AMR Corporation, the parent company of American Airlines, Inc., announced today that it has raised approximately $300 million through the sale of 27.1 million shares of AMR common stock. Net proceeds to AMR were $294 million.
The shares of common stock were issued pursuant to AMR’s shelf registration statement, and a prospectus supplement relating to the common stock was filed with the Securities and Exchange Commission on August 22, 2008.
“The completion of our equity sale is another example of our continued efforts to strengthen our balance sheet and better position our company to manage through what remains a very challenging industry environment,” said Tom Horton, AMR’s executive vice president of Finance and Planning and chief financial officer. “We remain committed to taking the necessary actions in an effort to position AMR for long-term success.”
Proceeds from the issuance, which AMR intends to use for general corporate purposes, are included in the company’s expected total cash balance of approximately $4.9 billion, including a restricted balance of approximately $455 million at the end of the third quarter of 2008. Merrill Lynch & Co. acted as sales agent on the equity sale.