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United Airlines raised $4bn via a two-trancher:
The bonds have expected ratings of Ba1/BB-. Proceeds, together with credit facilities will be used to refinance their existing revolver, a 2017 term loan, and towards repaying their CARES Act loan. The 5Y tranche maturing in 2026 was priced inside its curve by ~10bp when compared to its 4.875% bond due Jan 2025 that yields 4.47% and currently trades at 101.37.