United Airlines redeems $1.52B 2027 notes, unencumbers MileagePlus assets

United Airlines Holdings, Inc.

Redeemed all $1.52B of 6.50% Senior Secured Notes due 2027 using cash on hand; no refinancing.
MileagePlus assets now unencumbered after redemption and 2024 prepayment of $1.8B secured term loan.
Preliminary Q2 2025 total debt $27.1B; after redemption $25.6B, down from $36.3B peak in Q2 2021.
Adjusted total debt (non-GAAP) after redemption $32.5B; available liquidity $17.1B.
Company continues toward long-term net leverage target of less than 2.0x.

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