United Starts $9 Billion Debt Sale to Refinance, Add Cash (1)

United Airlines Holdings Inc. is borrowing $9 billion to bolster liquidity and refinance outstanding obligations, including a loan the airline took from the U.S. government to help it through the pandemic.

The new financing includes $5.5 billion of secured bonds, split evenly between five- and eight-year maturities, and a $3.5 billion term loan due 2028. Both will help repay debt from 2017 as well as the principal outstanding under its Cares Act loan, according to a filing Monday. The carrier is also entering a new revolving credit facility of $1.75 billion due 2025.

The amount of debt being refinanced comes ...