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UAL to Trade on Nasdaq

The airline says its financing package is oversubscribed.
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UAL said it will list on Nasdaq when it emerges from bankruptcy protection next month.

The Chicago-based parent of United Airlines said it will trade under symbol UAUA. Before UAL sought Chapter 11 protection three years ago, the big airline traded on the New York Stock Exchange under ticker UAL.

The company also said its $3 billion exit-financing package was oversubscribed. United said it got twice as much support for the package, comprising a$2.8 billion term loan and a $200 million revolving credit line, bringing down financing costs. UAL got the financing at 375 basis points over the London interbank offered rate, or Libor, instead of the previously expected 450 points-plus.

"The tremendous response to our exit financing from the lenders' syndicate attests to what United and our people are accomplishing," said CEO Glenn Tilton. "As we look to our future as a publicly traded company, we concluded that Nasdaq, with its cadre of dynamic companies, state-of the-art electronic trading platform and focus on first-rate customer service, was a natural fit for us."

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