United Airlines Holdings, Inc. · NASDAQ:UAL
United Airlines — IPO Roadshow (November 2015)
13 slides from United Airlines's IPO roadshow presentation, Nov 2, 2015
Slide 1: 2015-1 EETC Investor Presentation
Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-203630-01 November 2, 2015 2015-1 EETC Investor Presentation United Airlines, Inc. November 2, 2015
Slide 2: Issuer free writing prospectus notice
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete informati
Slide 3: United Airlines 2015-1 EETC
United Airlines 2015-1 EETC • United Airlines, Inc. (“United”) intends to raise $433,652,000 aggregate face amount of Pass Through Certificates, Series 2015-1 in two classes: – Class AA of $333,652,000 – Class A of $100,000,000 • The proceeds from the offering will be used by United to finance 10 ai
Slide 4: United 2015-1 EETC Structural Summary
United 2015-1 EETC Structural Summary Class AA Class A Face Amount $333,652,000 $100,000,000 Expected Ratings (Moody’s / S&P) Aa3 / AA A2 / A Initial LTV(1) 38.0% 49.4% Highest LTV(2) 38.6% 50.2% Interest Rate Fixed, semi-annual, 30/360 day count Initial Average Life (in years) 9.0 7.0 Regular Distr
Slide 5: Key Structural Elements
Key Structural Elements • Classes Offered: Two tranches of debt offered, both of which will benefit from a liquidity facility covering three semi-annual interest payments • Waterfall: Interest on the Preferred Pool Balance on the Class A Certificates is paid ahead of Class AA Certificates’ principal
Slide 6: Aircraft Appraisals
Aircraft Appraisals • United has obtained base value desktop appraisals from three appraisers (AISI, BK and mba) • Aggregate aircraft appraised value of approximately $878 million(1) - Appraisals available in the Preliminary Prospectus Supplement • Appraisals indicate a minimum collateral cushion of
Slide 7: Collateral Summary
Collateral Summary (2) (2) (1) Notes: 1. Appraised value is the lesser of the mean and median base value of each aircraft as appraised by AISI, BK and mba. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. Appraised value as of October 2015. 2.
Slide 8: Collateral Pool
Collateral Pool • The collateral pool benefits from diversification of two strategically core aircraft types – 36% Narrowbody / 64% Widebody – 100% New (1) Vintage: 0% New: 100% Total: $878.0mm (2) Notes: 1. Delivered new to United between August and November 2015 2. Appraised value is the lesser of
Slide 9: Collateral Overview: Boeing 737-900ER
Collateral Overview Boeing 737-900ER • Overview: The Boeing 737-900ER is the largest variant of the world’s all-time best selling 737NG family of narrowbody commercial aircraft. It seats 179 passengers in United’s standard two-class configuration (20 First / 159 Economy Plus and Economy) • Strengths
Slide 10: Boeing 737-900ER Market
Boeing 737-900ER Market 17+ Customers for 501 Cumulative Orders(1) (133) (130) (100) (65) (15) (8) (8) (7) (6) (6) (5) (4) (2) (2) (2) (2) (6) 1. Source: The Boeing Company; orders (including deliveries) are through September 2015 10
Slide 11: Collateral Overview: Boeing 787-9
Collateral Overview Boeing 787-9 • Overview: New generation long range aircraft with approximately 5% fewer seats than current Boeing 777-200ERs in the fleet. The Boeing 787-9 seats 252 passengers in United’s standard two-class configuration (48 BusinessFirst / 204 Economy Plus and Economy) • Streng
Slide 12: Boeing 787-9 Market
Boeing 787-9 Market 30+ Customers for 494 Cumulative Orders(1) (49) (48) (44) (41) (29) (22) (22) (20) (19) (18) (17) (16) (15) (15) (14) (12) (12) (10) (10) (10) (8) (8) (7) (6) (6) (5) (4) (3) (2) (2) 1. Source: The Boeing Company; orders are through September 2015. 12
Slide 13: Slide 13