...February 14, 2024 TORONTO (S&P Global Ratings) Feb. 14, 2024--S&P Global Ratings today assigned its '##+' issue-level rating and '1' recovery rating to United Airlines Inc.'s proposed senior secured term loan due 2031. The '1' recovery rating indicates our expectation of very high (90%-100%; rounded estimate: 90%) recovery in our simulated default scenario. The proposed term loan will rank pari passu and have the same collateral as the company's secured revolving credit facility and its secured notes due 2026 and 2029. The security package includes a first-lien claim on United's international (Atlantic, Pacific, Latin America) slots, gates, and routes (SGR) and certain domestic U.S. slots. The company will use the proceeds from this loan, in tandem with cash on hand, to repay in full its senior secured SGR term loan due 2028. We assume the principal amount of the new SGR term loan will not exceed $3 billion, or close to $1 billion lower than United's existing SGR term loan. The lower amount...
