United Airlines has issued in a public offering $1bn of 5.375% senior notes due 2031 on February 2.
The notes will mature on March 1, 2031, and interest will be paid semi-annually.
Fitch Ratings assigned the notes a ‘BB+’ rating with a Recovery Rating of ‘RR4’ and a stable outlook, citing United’s improved market position, debt reduction, and strong liquidity.
Fitch highlighted the company’s strategic initiatives, including network investments and loyalty program management, which support consistent cash flow, while noting upcoming capital spending for fleet renewal could constrain free cash flow.
Barclays acted as lead underwriter, and The Bank of New York Mellon Trust Company served as trustee.