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United Airlines | 8-K: Amendment and Restatement Revolving Credit and Guaranty Agreement

SEC announcement ·  Feb 23 05:43
Summary by Futu AI
On February 15, 2024, United Airlines Holdings, Inc. (UAL) and its subsidiary United Airlines, Inc. (United) entered into an Amended and Restated Revolving Credit and Guaranty Agreement, enhancing their financial flexibility by increasing their borrowing capacity by $1.115 billion to a total of $2.865 billion. This Revolving Credit Facility, which includes commitments from various lenders and is administered by JPMorgan Chase Bank, N.A., allows United to draw funds until February 15, 2029, with certain lenders extending the commitment and others not. Additionally, on February 22, 2024, United prepaid $1.37 billion of its existing term loans using available cash and borrowed $2.5 billion under a new Term Loan Facility to fully repay the remaining balance. The new Term Loan Facility, also managed by JPMorgan Chase Bank, N.A., has a...Show More
On February 15, 2024, United Airlines Holdings, Inc. (UAL) and its subsidiary United Airlines, Inc. (United) entered into an Amended and Restated Revolving Credit and Guaranty Agreement, enhancing their financial flexibility by increasing their borrowing capacity by $1.115 billion to a total of $2.865 billion. This Revolving Credit Facility, which includes commitments from various lenders and is administered by JPMorgan Chase Bank, N.A., allows United to draw funds until February 15, 2029, with certain lenders extending the commitment and others not. Additionally, on February 22, 2024, United prepaid $1.37 billion of its existing term loans using available cash and borrowed $2.5 billion under a new Term Loan Facility to fully repay the remaining balance. The new Term Loan Facility, also managed by JPMorgan Chase Bank, N.A., has a lower interest margin compared to the previous agreement and matures on February 22, 2031. Both loan facilities are secured by significant collateral, including route authorities, landing and take-off slots, and terminal space, and contain covenants and conditions typical for such agreements. United has not drawn on the Revolving Credit Facility as of the report date, and the Term Loan Facility will require quarterly amortization payments starting June 30, 2024.

This announcement is a separate document:

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