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United Airlines prices USD810m offering

Posted on: Tue, 17 Nov 2009 06:58:00 EST

Symbols: UAUA

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Nov 17, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX) --
UAUA | Quote | Chart | News | PowerRating -- United Airlines, a subsidiary of UAL Corporation (Nasdaq:UAUA),
announced on Monday that it has priced its public offering of USD810m
aggregate principal amount of enhanced equipment trust certificates
(EETC).

The financing consists of USD697m of Class A certificates with an
interest rate of 9.75% and a final expected distribution date of 15
January 2017 and USD113m of Class B certificates with an interest rate
of 12.0% and a final expected distribution date of 15 January 2016.

The company plans to use the net proceeds of the offering to repay at
par all of the USD493m aggregate principal amount of the equipment
notes related to its outstanding 2000-2 EETC. United will use the
remaining USD290m of net proceeds for general corporate purposes.

As a result of this transaction, in 2010 principal payment obligations
will be decreased by around USD225m and in 2011 they will be decreased
by around USD175m.

J.P. Morgan Securities Inc, Morgan Stanley & Co Incorporated and
Goldman, Sachs & Co are acting as joint book-running managers for the
offering, while Citigroup Global Markets Inc, Credit Suisse Securities
(USA) LLC and Deutsche Bank Securities Inc are acting as a co-managers.

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