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31-Dec-2009 9:29 AM

United Airlines to offer USD500 million of senior secured notes

United Airlines announced (30-Dec-2009) plans to offer USD500 million aggregate principal amount of senior secured notes due in 2013. United's obligations under the notes will be guaranteed on a senior unsecured basis by UAL and UAL's subsidiaries that are guarantors or direct obligors under its senior secured credit facility. The notes will be secured by certain of United's routes, takeoff and landing slots and airport gate leaseholds utilised 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. United intends to use the net proceeds from the offering for general corporate purposes. [more]

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