United prices first EETC of 2018

victoria@aviationnews-online.com
By victoria@aviationnews-online.com February 1, 2018 15:47

United prices first EETC of 2018

United Airlines has priced two tranches of enhanced equipment trust certificates, which mature in March 2030: $677.175 million class AA certificates, which are rated AA by Fitch and have an initial loan to value (LTV) of 42.6%, carry a 3.50% coupon with a 125 basis point make-whole spread over treasuries; and $257.965 million class A certificates, rated A with an LTV of 58.9%, carry a coupon of 3.700% and make-whole spread of 150bps.

The notes are secured by a perfected first priority security interest in two 737-800s, six 737 MAX 9s, five 787-9s, and three 777-300ERs.

Lead underwriters are Credit Suisse and Citi, with Goldman Sachs, Deutsche Bank, Morgan Stanley, Barclays, Merrill Lynch, BNP Paribas, Credit Agricole0CIB, JPMorgan, Standard Chartered and Wells Fargo.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com February 1, 2018 15:47