United Airlines has priced a $919.6 million enhanced equipment trust certification transaction split into a Class AA and Class A tranches (Series 2016-2). The 12-year $636.5 million Class AA notes, rated AA by Fitch and with an initial loan to value (LTV) of 38.7% and a weighted average life (WAL) of 9.1 years, have a coupon of 2.875%, the make-whole spread over US Treasuries is 20 basis points (bps). The 12-year $283.1 million Class A notes, rated A by Fitch with an initial LTV of 55.8% and a WAL of 9.1 years, priced at 3.100% and 25bps over US treasuries.

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