United Airlines Holdings, Inc. · NASDAQ:UAL
United Airlines — IPO Roadshow (March 2014)
17 slides from United Airlines's IPO roadshow presentation, Mar 24, 2014
Slide 1: 2014-1 EETC Investor Presentation United Airlines, Inc.
Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-181014-01 March 24, 2014 2014-1 EETC Investor Presentation United Airlines, Inc. March 24, 2014
Slide 2: Issuer filing 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 i
Slide 3: United Airlines 2014-1 EETC
United Airlines 2014-1 EETC • United Airlines, Inc. (“United”) intends to raise $949,459,000 of Pass Through Certificates, Series 2014-1 in two classes: – Class A of $736,647,000 – Class B of $212,812,000 • The proceeds from the offering will be used by United to finance 25 aircraft: – 13 new Boeing
Slide 4: UAL 2014-1 EETC Structural Summary
UAL 2014-1 EETC Structural Summary Class A Class B Face Amount $736,647,000 $212,812,000 Expected Ratings (S&P / Fitch) A- / A BB+ / BB+ Initial LTV (1) 55.1% 71.0% Interest Rate Fixed, semi-annual, 30/360 day count Initial Average Life (in years) 8.8 5.9 Regular Distribution Dates April 11 & Octobe
Slide 5: Key Structural Elements
Key Structural Elements • Classes Offered: Two tranches of amortizing 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 B Certificates is paid ahead of Class A Certificates’
Slide 6: Collateral Summary
Collateral Summary Aircraft Aircraft Fuselage Manufacturer's Registration Engine Delivery Aircraft New Base Values (1) No. Type Type Serial Number Number Type MTOW Date Age AISI BK mba LMM 1 Boeing 737-924ER Narrow 44581 N67827 CFM56-7B27 187,700 June-14 New $55,250,000 $53,350,000 $52,340,000 $53,3
Slide 7: Collateral Pool
Collateral Pool • The collateral pool benefits from diversification of three strategically core aircraft types – 51% Narrowbody / 30% Widebody / 19% Regional Jet – 100% New UAL 2014-1 Collateral Mix Distribution of LMM Appraised Value (1) Vintage: 0% New: 100% ERJ 175 LR $264MM 19% 787-9 737-924ER $
Slide 8: Aircraft Appraisals
Aircraft Appraisals • United has obtained Base Value Desktop Appraisals from three appraisers (AISI, BK and mba) • Aggregate aircraft appraised value of approximately $1,364 million(1) • Appraisals available in the Preliminary Prospectus Supplement • Appraisals indicate an initial collateral cushion
Slide 9: Collateral Overview Boeing 737-900ER
Collateral Overview Boeing 737-900ER • Overview: The 737-900ER is the largest variant of world’s all-time best selling 737NG family of narrowbody commercial aircraft – 167 passengers in United’s standard two- class configuration (20 first / 147 premium and regular economy) • Strengths (1): – US tran
Slide 10: Boeing 737-900ER Market: 17 Customers for 526 Cumulative Orders
Boeing 737-900ER Market 17 Customers for 526 Cumulative Orders(1) (167) (139) (100) (45) (15) (10) (8) (6) (6) (5) (4) (6) (4) (11) 1. Sources: The Boeing Company; orders (including deliveries) are through January 2014. 10
Slide 11: Collateral Overview Boeing 787-8
Collateral Overview Boeing 787-8 • Overview: New generation long range aircraft with size similar to current 767-300ERs in fleet – 219 passengers in United’s standard two class configuration (36 business / 183 premium and regular economy) • Strengths (1): – 495 cumulative orders with 46 customers, i
Slide 12: Boeing 787-8 Market: 46 Customers for 495 Cumulative Orders
Boeing 787-8 Market 46 Customers for 495 Cumulative Orders(1) (36) (30) (27) (22) (33) (25) (22) (19) (18) (16) (15) (15) (15) (15) (14) (12) (10) (10) (10) (10) (10) (9) (8) (8) (8) (78) 1. Sources: The Boeing Company; orders (including deliveries) are through January 2014. 12
Slide 13: Collateral Overview Boeing 787-9
Collateral Overview Boeing 787-9 • Overview: New generation long range aircraft with size similar to current 777-200ERs in fleet – 252 passengers in United’s standard two-class configuration (48 business / 204 premium and regular economy) • Strengths (1): – First delivery anticipated to be mid-2014
Slide 14: Boeing 787-9 Market: 26 Customers for 404 Cumulative Orders
Boeing 787-9 Market 26 Customers for 404 Cumulative Orders(1) (41) (30) (30) (26) (25) (41) (22) (22) (20) (16) (15) (15) (4) (10) (10) (10) (10) (8) (8) (7) (6) (5) (5) (3) (2) (13) 1. Sources: The Boeing Company; orders are through January 2014. 14
Slide 15: Collateral Overview ERJ 175 LR
Collateral Overview ERJ 175 LR • Overview: Good level of commonality with other E-Jet family members - 76 passengers in United’s standard two-class configuration (12 first / 64 premium and regular economy) • Strengths (1): – Combines improved operating economics with larger cabin for increased passe
Slide 16: ERJ 175 LR Market: 19 customers with 375 firm orders
ERJ 175 LR Market 19 customers with 375 firm orders ERJ 175 LR Orderbook(1) As of December 31, 2013 Customer Firm Orders Delivered Firm Backlog Air Canada 15 15 - Air Lease 8 8 - Aldus 5 - 5 Alitalia 2 2 - American Airlines 60 - 60 CIT 4 4 - Delta Air Lines 36 36 - ECC Leasing 1 1 - Flybe 35 11 24 G
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