Mileage Plus Holdings (MPH), a direct wholly-owned
subsidiary of United Airlines that operates the MileagePlus FFP,
and Mileage Plus Intellectual Property Assets (MIPA), an indirect
wholly-owned subsidiary of MPH, intend to commence a private
offering to eligible purchasers of US$3 billion in aggregate
principal amount of senior secured notes due 2027, subject to
market and other conditions.
The notes will be guaranteed by each
subsidiary of MPH,
United, United’s parent company, United Airlines Holdings, Inc., and certain subsidiaries of UAL.
The MileagePlus Subsidiaries intend
to lend the net proceeds from the offering of the notes to United,
after depositing a portion of such proceeds into a reserve account.