Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Arnie Peinado and Transportation and Space partner Hugh Robertson, acted as US counsel to the underwriters in a public offering of $929 million aggregate face amount of enhanced equipment trust certificates (“EETCs”) by United Airlines, Inc. (“United”).
United sold $720,315,000 aggregate face amount of 4.300% Pass Through Certificates, Series 2013-1A and $209,036,000 aggregate face amount of 5.375% Pass Through Certificates, Series 2013-1B. United will use the proceeds of the certificates to purchase 21 new Boeing aircraft scheduled for delivery in 2013 and 2014, including three Boeing 787-8 Dreamliner aircraft and 18 Boeing 737-924ER aircraft.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC led a syndicate of seven underwriters that included Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Citigroup Global Markets Inc., as bookrunners, and Credit Agricole Securities (USA) Inc. and Natixis Securities Americas LLC, as co-managers.
Other Milbank attorneys involved in this transaction included Tax partner Andrew Walker, ERISA partner Joel Krasnow, Global Securities associates Kevin MacLeod, Jennifer Beaudry, Mindy Allen, Okeoma Moronu, Meredith Hines and Kaveh Namazie, Transportation and Space associate Samir Patel and Tax associate Lysondra Ludwig.
Transportation and Space partner Helfried Schwarz and associate Andrew Park represented Natixis, acting through its New York Branch, in its roles as liquidity provider and depositary.
About United
United is a certificated United States air carrier. United transports people and cargo through its mainline operations, which utilize jet aircraft with at least 108 seats, and regional operations, which utilize smaller aircraft that are operated under contract by United Express carriers. United serves major markets around the world, either directly or through participation in Star Alliance®, the world’s largest airline alliance. United offers approximately 5,500 daily departures to 381 destinations.
