United Airlines Plans $500 Million Senior Notes Offering
December 31, 2009 (FinancialWire) — UAL Corp.’s (NASDAQ: UAUA) United Airlines unit said it plans to offer $500 million of senior secured notes due 2013.
The notes will be the senior secured obligations of United. They will be secured by certain of United’s routes, takeoff and landing slots and airport gate leaseholds utilized in connection with these routes.
The collateral is currently encumbered under United’s senior secured credit facility but would be made available by substituting other collateral into the senior secured credit facility, the company said.
United plans to use the net proceeds from the offering for general corporate purposes.
Chicago-based United operates around 3,300 flights a day on United and United Express to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C.
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