Filed Pursuant to Rule 433
Registration No. 333-236503
Issuer Free Writing Prospectus, dated June 21, 2020
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Investor Relations
investor.relations@aa.com
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FOR RELEASE: Sunday, June 21, 2020
AMERICAN AIRLINES GROUP ANNOUNCES PROPOSED OFFERINGS OF
COMMON STOCK AND CONVERTIBLE SENIOR NOTES DUE 2025
FORT WORTH, Texas American Airlines Group Inc. (NASDAQ: AAL) (the Company) today announced proposed underwritten public offerings of
$750,000,000 of shares of its common stock (the Common Stock and, such offering, the Common Stock Offering) and $750,000,000 aggregate principal amount of its convertible senior notes due 2025 (the Convertible
Notes and such offering, the Convertible Notes Offering).
The Company intends to grant the underwriters of the offerings a 30-day option to purchase, in whole or in part, up to $112,500,000 of additional shares of Common Stock in the Common Stock Offering and a 30-day option to purchase, in whole
or in part, up to $112,500,000 aggregate principal amount of additional Convertible Notes in the Convertible Notes Offering, in each case solely to cover over-allotments, if any. The Company expects to use the net proceeds from the Common Stock
Offering and the Convertible Notes Offering for general corporate purposes and to enhance the Companys liquidity position. The closing of neither the Common Stock Offering nor the Convertible Notes Offering is conditioned upon the closing of
the other offering.
Goldman Sachs & Co. LLC, Citigroup, BofA Securities and J.P. Morgan are acting as the joint active book-runners and as
representatives of the underwriters for the Common Stock Offering and the Convertible Notes Offering. The Company has filed a registration statement (including a prospectus) with the SEC as well as preliminary prospectus supplements with respect to
each of the offerings to which this communication relates. Before you invest, you should read the applicable preliminary prospectus supplement and the prospectus in that registration statement and other documents the Company has filed with the SEC
for more complete information about the Company and these offerings. You may get these documents free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the
applicable offering will arrange to send you the applicable preliminary prospectus supplement (or, when available, the applicable final prospectus supplement) and the accompanying prospectus upon request to: Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at: dg.prospectus_requests@bofa.com; or J.P. Morgan, c/o Broadridge Financial
Solutions, 1155 Long Island Ave., Edgewood, NY 11717, Attn: Prospectus Department, or by telephone at: (866) 803-9204, or by email at: prospectus-eq_fi@jpmchase.com.