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            september 21, 2019

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United Airlines prepares bid for US$659 million financing


United Airlines, a wholly-owned subsidiary of UAL Corporation, has priced its public offering of enhanced equipment trust certificates (EETC), to refinance an existing EETC facility that covers a number of the carrier's aircraft.
The US$659 million financing has an interest rate of 10.4 per cent and a final expected distribution date of November 1, 2016, the Shipping Gazette reports.
United said it intends to use the net proceeds to repay at par all of the $568 million aggregate principal amount related to its outstanding 2001-1 EETC, and will use the remaining $90 million of net proceeds for general corporate purposes.
"As a result of this transaction, principal payment obligations will be reduced in 2010 by approximately $215 million and in 2011 by approximately $100 million," the carrier said.
The offering will be made only by means of a prospectus supplement and related prospectus.

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