United MileagePlus’ US$6.8 Billion Financing Plan

Maples and Calder advised United MileagePlus on the transaction, while Mayer Brown advised Goldman Sachs Lending Partners LLC, as sole structuring agent and lead left arranger and bookrunner and Goldman Sachs Bank, as administrative agent.

United MileagePlus, United Airlines’ loyalty programme, made a US$3.8 billion bond offering and its concurrent US$3 billion term loan which closed on 2 July 2020.

The sizeable bond offering and loan facility will be used to refinance United Airline’s existing bridge facility and provide working capital and liquidity for the United Airlines group.

Barclays and Morgan Stanley, together with Goldman Sachs, served as joint lead arrangers and bookrunners.

Asset finance Partner, Sherice Arman (Picture) led a multi-disciplinary team of lawyers from the Maples and Calder’s corporate, finance, IP, data protection and trusts practices on this transaction. Cayman Islands based-Partners Abraham Thoppil, Tim Dawson and Finn O’Hegarty, and Of Counsel Shari Howell, Nick Herrod and Maxine Bodden, acted as Cayman Islands legal advisers.

Maples and Calder worked closely alongside Kirkland & Ellis who advised United MileagePlus on US legal matters.

The Mayer Brown team was led by Banking & Finance – partner Gabriela Sakamoto (DC), partners Stuart Litwin and Jan Stewart and counsel Jennifer Bruni (all Chicago), and partner Adam Wolk (NY); Restructuring Bankruptcy & Insolvency – partner Sean Scott and counsel Richard Ziegler; Corporate & Securities – partner John Berkery and associate John Ablan (all Chicago); Tax Transactions & Consulting – partner Michael Lebovitz (LA); IP – partner Erick Palmer (Chicago); and included: Corporate & Securities – partner David Bakst and associates Shayda Milani, Milena Muradian (all NY); Tax Transactions & Consulting – partner Russell Nance (NY); Banking & Finance – partner Beth Vogel, counsel Daniel Whitmore and associates Jennifer Hartnett, Joseph Hawkins, Cody Lawrence, and Ermelinda Villagomez (all Chicago), and Merry Li and Madeline Skeid (both NY); IP – partner Oliver Yaros (London) and associates Guy Barcelona and Emily Nash (both Chicago), and Joy Lee (Palo Alto); and Restructuring Bankruptcy & Insolvency – associate Lisa Holl Chang (Chicago).

Involved fees earner: Sherice Arman – Maples and Calder LLP; Maxine Bodden – Maples and Calder LLP; Tim Dawson – Maples and Calder LLP; Nick Herrod – Maples and Calder LLP; Shari Howell – Maples and Calder LLP; Finn O’Hegarty – Maples and Calder LLP; Abraham Thoppil – Maples and Calder LLP; John Ablan – Mayer Brown; Guy Barcelona – Mayer Brown; John Berkery – Mayer Brown; Jennifer Bruni – Mayer Brown; Jennifer Hartnett – Mayer Brown; Joseph Hawkins – Mayer Brown; Lisa Holl Chang – Mayer Brown; Cody Lawrence – Mayer Brown; Michael Lebovitz – Mayer Brown; Joy Lee – Mayer Brown; Merry Li – Mayer Brown; Stuart Litwin – Mayer Brown; Russell Nance – Mayer Brown; Emily Nash – Mayer Brown; Erick Palmer – Mayer Brown; Gabriela Sakamoto – Mayer Brown; Sean Scott – Mayer Brown; Madeline Skeid – Mayer Brown; Jan Stewart – Mayer Brown; Ermelinda Villagomez – Mayer Brown; Beth Vogel – Mayer Brown; Daniel Whitmore – Mayer Brown; Adam Wolk – Mayer Brown; Oliver Yaros – Mayer Brown; Richard Ziegler – Mayer Brown;

Law Firms: Maples and Calder LLP; Mayer Brown;

Clients: Goldman Sachs; Goldman Sachs Lending Partners LLC; United MileagePlus;

Author: Ambrogio Visconti.