United Airlines, Inc.’s $935 million EETC offering


Milbank, Tweed, Hadley & McCloy LLP represented the underwriters, led by Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. in the $935 million offering of enhanced equipment trust certificates (EETCs) by United Airlines, Inc., a wholly owned subsidiary of United Continental Holdings, Inc.

The offering featured two tranches: $677 million of 3.50% Class AA Pass Through Trust Certificates with a final expected distribution date of March 1, 2030 and $257 million of 3.70% Class A Pass Through Trust Certificates with a final expected distribution date of March 1, 2030.

The proceeds from this offering will be used by the Trusts to acquire equipment notes to be issued by United and secured by 16 new Boeing aircraft scheduled for delivery from August 2017 to May 2018.

The Milbank team was led by Capital Markets partner Brett Nadritch (picture) and associates Alex Gefter and Savannah Harms and Transportation and Space partner James Pascale and associates Niels Jensen, Dylan Scher and Tyler Lefky.

Involved fees earner: Brett Nadritch – Milbank; Jim Pascale – Milbank; Alex Gefter – Milbank; Savannah Harms – Milbank; Niels Jensen – Milbank; Dylan Scher – Milbank; Tyler Lefky – Milbank;

Law Firms: Milbank;

Clients: Citigroup Global Markets Ltd; Credit Suisse Securities Limited;

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Author: Ambrogio Visconti