United Airlines has  announced the completion of the $3.8 billion senior secured note offering, backed by its loyalty card programme Mileage Plus, priced at 6.5% plus a $3 billion term loan. The private offering by Mileage Plus Holdings, a direct wholly-owned subsidiary of United that operates the MileagePlus program, and Mileage Plus Intellectual Property, an indirect wholly-owned subsidiary of MPH of an aggregate of $3.8 billion in principal amount of 6.50% senior secured notes due 2027 was completed yesterday. Concurrently with the issuance of the Notes, the MileagePlus Subsidiaries entered into a credit agreement providing for a term loan facility of $3

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