United Airlines 2011 Annual Report Download - page 134
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Table of Contents
The Company considers counterparty credit risk in determining its exposure and the fair value of its financial instruments. The Company considers credit
risk to have a minimal impact on fair value because cash collateral is provided by the Company’s hedging counterparties periodically based on current market
exposure and the credit-worthiness of the counterparties.
Secured
Notes payable, fixed interest rates of 6.64% to 12% (weighted average rate of 8.42% as of December 31, 2011), payable through
2022 $2,044 $2,469
Amended credit facility, LIBOR plus 2.0%, due 2014 1,219 1,237
Notes payable, floating interest rates of LIBOR plus 0.20% to 11.30%, payable through 2019 985 1,165
9.875% senior secured notes and 12% second lien due 2013 650 700
12.75% senior secured notes due 2012 172 173
Unsecured
4.5% senior limited subordination convertible notes due 2021 156 726
6% senior notes due 2031 652 615
8% senior notes due 2026 125 —
5% senior convertible notes due 2021 — 150
Other 17 72
6,020 7,307
Less: unamortized debt discount (275) (281)
Less: current portion of long-term debt—United (615) (1,546)
Long-term debt, net—United $ 5,130 $ 5,480
Secured
Notes payable, fixed interest rates of 4.75% to 9.25% (weighted average rate of 7.09% as of December 31, 2011), payable
through 2022 $3,093 $ 3,290
Notes payable, floating interest rates of LIBOR plus 0.35% to 5.0%, due 2021 1,171 1,407
6.75% senior secured notes due 2015 800 800
Advance purchases of mileage credits — 273
Unsecured
6% convertible junior subordinated debentures due 2030 248 248
4.5% convertible notes due 2015 230 230
8.75% note payable due 2011 — 200
Other — 6
5,542 6,454
Less: unamortized debt (discount) premium 50 20
Less: current maturities (571) (865)
Long-term debt, net—Continental (a) $5,021 $5,609
6% senior convertible notes due 2029 345 345
Long-term debt, net—UAL (consolidated) $10,496 $11,434
133