United Airlines, the primary subsidiary of UAL Corporation , announced today that it has refinanced approximately $1 billion in existing lease and mortgage debt through the issuance of $694 million in Enhanced Equipment Trust Certificates (EETCs) and $270 million in Special Facility Revenue Refunding Bonds at Denver International Airport.
The proceeds from these debt offerings will refinance existing aircraft lease and mortgage debt associated with 13 widebody aircraft and the existing Special Facility Revenue Bonds at Denver International Airport. Excluding any non-cash gains associated with the extinguishment of debt, these transactions are expected to save United approximately $10 million in interest and rent expense for the remainder of 2007 and $22 million for the full year 2008.
