United Airlines is seeking to raise $3bn through an A class enhanced equipment trust certificate (EETC) issuance, which is secured on collateral pool of spare parts, spare engines and aircraft, valued at $5.8bn. The collateral package comprises all of United’s spare parts inventory, 99 spare engines – representing all of the airline’s spare engines, which United says it uses almost daily and averages 350 engine changes annually – and 352 aircraft across 11 variants, which has a WAL of 19 years and represents 43% of United’s mainline operating fleet. The composition test of the package must comprise a minimum of:

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