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Sale, Refinancing To Raise $275M For UA

Thursday 04/10/2018 - Source: Aviation Week


United Airlines’ liquidity will increase about $275 million with the completion of asset sales and aircraft refinancing packages.

The selloff of as yet undefined assets will raise about $140 million when completed, United says in a press release. Some $30 million was generated in the third quarter, while the remainder is expected to be received in the last three months of this year, the carrier adds.

United on Sept. 30 also received about $60 million by refinancing the debt on some of its aircraft, and expects to add a further $65 million from similar agreements by mid-October. The carrier does not say which aircraft have been refinanced or with whom.

The fourth quarter will also see the Chicago-based airline substitute unspecified cash collateral with a letter of credit, generating a $10 million cash gain the company.

“We are further strengthening our cash position, and we are pleased to close this transaction, particularly in this market environment,” says Kathryn Mikells, who will become United’s CFO on Nov. 1.

“We still have over $3 billion of unencumbered assets to further enhance our liquidity,” she adds.


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