United Airlines made a $972 million cash payment toward its $3 billion bankruptcy exit facility and refinanced the remainder, it announced yesterday. The new facility consists of a $1.8 billion term loan and a $255 million revolving credit line. Refinancing was "significantly oversubscribed," the airline said, enabling it to reduce finance costs by 175-200 basis points over LIBOR. It expects the lower rate "to result in net pre-tax savings of approximately $70 million per annum" and added ...

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