FlyerTalk Forums - View Single Post - UA uses Mileage Plus for collateral for $5B Loan
Old Jun 15, 2020, 10:24 am
  #12  
threecap
 
Join Date: Dec 2019
Location: EWR
Programs: UA 1K, DL DM
Posts: 255
Creative but not the first of its kind. It's pretty similar to what J Crew did a few years ago. Create an SPV offshore to hold assets (in J Crews case, it was their name/brands... in UAL's case it's the MP program). License the property back to the company. The UAL pitch deck even uses the same "IPCo" term. I think Goldman is/was the lead on both deals as well.
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