United Revives Junk-Rated Muni Sale for Its Biggest Kitchen Ever

United Airlines Holding Inc. is returning to the municipal bond market with a junk-rated $256 million sale, after last year’s volatility forced it to postpone the deal.

The two series for George Bush Intercontinental Airport in Houston include $150 million for a new catering center, along with $106 million to finance a portion of the design and construction of a ground services equipment facility.

Though issued by the city, the debt package is secured by rent payments made by United. Both series are considered one level below investment grade, carrying a BB+ rating from S&P Global Ratings.

In November, tough ...