United Airlines 2014 Annual Report Download - page 99
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Table of Contents
Secured
Notes payable, fixed interest rates of 1.42% to 12.00% (weighted average rate of 5.86% as of December 31, 2014), payable
through 2026 $ 7,464 $ 6,279
Notes payable, floating interest rates of the London Interbank Offered Rate (“LIBOR”) plus 0.20% to 5.46%, payable through
2026 1,151 1,243
Term loan, LIBOR subject to a 0.75% floor, plus 2.75%, or alternative rate based on certain market rates plus 1.75%, due
2019 884 893
Term loan, LIBOR subject to a 0.75% floor, plus 3.00%, or alternative rate based on certain market rates plus 2%, due 2021 499 —
6.75% Senior Secured Notes due 2015 — 800
Unsecured
6% Notes due 2026 to 2028 (a) 632 652
6% Senior Notes due 2020 (a) 300 300
6.375% Senior Notes due 2018 (a) 300 300
4.5% Convertible Notes due 2015 202 230
8% Notes due 2024 (a) — 400
6% Convertible Junior Subordinated Debentures due 2030 — 248
4.5% Senior Limited-Subordination Convertible Notes due 2021 (a) — 156
Other 101 103
11,533 11,604
Less: unamortized debt discount (99) (169)
Less: current portion of long-term debt—United (1,313) (1,368)
Long-term debt, net—United (b) $ 10,121 $10,067
6% Convertible Senior Notes due 2029 $ — $ 104
Long-term debt, net—UAL $ 10,121 $ 10,171
(a) UAL is the issuer of this debt. United is a guarantor.
(b) As further described below under “Convertible Debt Securities and Derivatives,” there is a basis difference between UAL and United debt values, because
we applied different accounting methodologies. The United debt presented above does not agree to United’s balance sheet by the amount of this adjustment.
The table below presents the Company’s contractual principal payments at December 31, 2014 under then-outstanding long-term debt agreements in each of
the next five calendar years (in millions):
2015 $ 1,313
2016 1,195
2017 755
2018 1,269
2019 1,721
After 2019 5,280
$ 11,533
99