United Airlines 2010 Annual Report Download - page 143
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NOTE 14—DEBT
(In millions) At December 31,
2010 2009
United:
Secured
Notes payable, fixed interest rates of 5.74% to 12.00% (weighted average rate
of 8.89% as of December 31, 2010), payable through 2022 .............. $ 2,469 $ 2,464
Floating rate notes, LIBOR plus 0.20% to 11.30%, payable through 2020 ..... 1,165 1,496
9.875% senior secured notes and 12.0% second lien due 2013 .............. 700 —
12.75% senior second lien notes due 2013 ............................. 173 175
Amended credit facility, LIBOR plus 2.0%, due 2014 .................... 1,237 1,255
Unsecured
4.5% senior limited subordination convertible notes due 2021 .............. 726 726
6% senior notes due 2031........................................... 615 580
5% senior convertible notes due 2021 ................................. 150 150
Other ........................................................... 72 78
7,307 6,924
Less: unamortized debt discount ................................. (281) (347)
Less: current portion of long-term debt—United ..................... (1,546) (544)
Long-term debt, net—United ........................................ $ 5,480 $ 6,033
Continental: (Successor) (Predecessor)
Secured
Notes payable, fixed interest rates of 4.75% to 9.25% (weighted average rate
of 7.0% as of December 31, 2010), payable through 2022 ............... $ 3,290 $ 3,077
Floating rate notes, LIBOR plus 0.35% to 5.0%, payable through 2020 ....... 1,407 1,957
6.75% senior secured notes due 2015 ................................. 800 —
Advance purchases of mileage credits ................................. 273 275
Other ........................................................... — 5
Unsecured
8.75% notes due 2011 ............................................. 200 200
6.0% convertible junior subordinated debentures due 2030 ................ 248 248
4.5% convertible notes due 2015 ..................................... 230 230
5% convertible notes due 2023 ...................................... — 175
Other ........................................................... 6 8
$ 6,454 $ 6,175
Less: unamortized debt (discount) premium (a) ..................... 20 (105)
Less: current maturities ........................................ (865) (972)
Long-term debt, net—Continental (a) ................................. $ 5,609 $ 5,098
UAL Consolidated:
6% senior convertible notes due 2029 ................................. $ 345 $ 345
Long-term debt, net—UAL (consolidated) ............................. $ 11,434 $ 6,378
(a) As further described below under “Convertible Debt Securities,” there is a basis difference between UAL and
Continental debt values, because we were required to apply different accounting methodologies. The Continental debt
balances presented above do not equal the Continental balance sheet by the amount of this adjustment.
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