Davis Polk advised the loyalty program partner in connection with American Airlines’ $10 billion aggregate principal amount of financings secured by American’s AAdvantage loyalty program, comprised of a $3.5 billion aggregate principal amount of term loan facility and $6.5 billion aggregate principal amount of senior secured notes. The transactions included transfers of the AAdvantage assets, including American’s rights under its loyalty program agreement with the loyalty program partner and AAdvantage intellectual property assets, to special purpose entities, with the AAdvantage assets and revenues supporting the financings.
The Davis Polk intellectual property team included partner Frank J. Azzopardi, counsel Daniel F. Forester and associate Jesse L. Hallock. Partners Marshall S. Huebner and Natasha Tsiouris, counsel Erika D. White and associate Jacob Weiner provided restructuring advice. Partner Monica Holland provided finance advice. All members of the Davis Polk team are based in the New York office.