United Airlines Holdings, Inc. · NASDAQ:UAL
United Airlines — IPO Roadshow (September 2019)
13 slides from United Airlines's IPO roadshow presentation, Sep 3, 2019
Slide 1: United Airlines Series 2019-2 EETC Investor Presentation
United Airlines Series 2019-2 EETC September 3, 2019 Investor Presentation Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-221865-01 Dated: September 3, 2019
Slide 2: Forward-looking statements
Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and
Slide 3: Additional Information
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 4: Offering overview and use of proceeds
1 Initial LTV and Maximum LTV for the Class AA, Class A and Class B Certificates calculated as of May 1, 2020, which is assumed to be the first Regular Distribution Date following the expected financing of all aircraft. United Airlines, Inc. (“United” or “UAL”) intends to raise up to $1,221,245,000
Slide 5: United Series 2019-2 EETC structural summary
United Series 2019-2 EETC structural summary 2019-2 Class AA 2019-2 Class A 2019-2 Class B Face Amount $702,146,000 $286,718,000 $232,381,000 Expected Ratings (Moody’s / Fitch) Aa3 / AA A2 / A Baa2 / BBB Initial LTV / Max LTV1 42.5% / 42.5% 59.9% / 59.9% 74.0% / 74.0% Weighted Average Life (years) 9
Slide 6: Key structural elements
Key structural elements Primary color – use for text and bullets R 0 G 34 B 68 R 0 G 34 B 68 R 127 G 127 B 127 R 237 G 183 B 43 R 98 G 168 B 227 R 87 G 44 B 95 R 0 G 34 B 68 R 0 G 89 B 179 R 205 G 32 B 44 R 237 G 183 B 43 R 98 G 169 B 227 R 68 G 1136 B 62 Use airline logos where applicable R 192 G 1
Slide 7: Aircraft collateral summary - base values
1 Collateral summary shown assumes that United elects to finance the four Boeing 787-10 aircraft with the earliest scheduled delivery dates from the five such aircraft eligible to be financed in the offering. 2 Lesser of the mean and median of the base value of each aircraft as appraised by Aircraft
Slide 8: Aircraft collateral - key observations
Aircraft collateral – key observations Source: United 1 Lesser of the mean and median of the base value of each aircraft as appraised by AISI, BK and mba as of September 1, 2019. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. All figures ass
Slide 9: The aircraft collateral
The aircraft collateral Primary color – use for text and bullets R 0 G 34 B 68 R 0 G 34 B 68 R 127 G 127 B 127 R 237 G 183 B 43 R 98 G 168 B 227 R 87 G 44 B 95 R 0 G 34 B 68 R 0 G 89 B 179 R 205 G 32 B 44 R 237 G 183 B 43 R 98 G 169 B 227 R 68 G 1136 B 62 Use airline logos where applicable R 192 G 1
Slide 10: Boeing 787-9 aircraft
Sources: The Boeing Company; United; FlightGlobal The Boeing 787-9 is the new generation long range aircraft Improvements to the aircraft include: Carbon composite fuselage and wings Health monitoring systems that allow the aircraft to self-monitor New fuel efficient engines Utilizes new all-composi
Slide 11: Boeing 787-10 aircraft
Sources: The Boeing Company; United; FlightGlobal The Boeing 787-10 is the newest and largest variant of the 787 Dreamliner family 18 foot fuselage stretch of 787-9 Commonality of flight deck, airframe and interior/cabin systems Same design weights / thrust as 787-9 Larger payload/passenger count 31
Slide 12: Boeing 777-300ER aircraft
Sources: The Boeing Company; United; FlightGlobal The Boeing 777-300ER 33 foot fuselage stretch of 777-200ER Commonality of flight deck, airframe and interior/cabin systems Larger payload/passenger count 350 seats vs. 276 seats on 777-200ER Configured with new Polaris and Premium Plus seats Addition
Slide 13: Embraer ERJ 175 aircraft
Sources: FlightGlobal, United, Embraer The Embraer ERJ 175 family of aircraft have been the regional aircraft of choice globally in recent years 793 Embraer orders for ERJ 175 aircraft as of 2Q2019 82 orders specifically for ERJ 175 LL 599 ERJ 175 deliveries as of 2Q2019 80 airlines in more than 50