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United Airlines Holdings, Inc., et al. – ‘8-K’ for 3/3/21

On:  Wednesday, 3/3/21, at 8:37am ET   ·   For:  3/3/21   ·   Accession #:  1104659-21-31151   ·   File #s:  1-06033, 1-10323

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/03/21  United Airlines Holdings, Inc.    8-K:1,9     3/03/21   13:546K                                   Toppan Merrill/FA
          United Airlines, Inc.

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     51K 
 2: EX-1.1      Underwriting Agreement                              HTML    146K 
 3: EX-5.1      Opinion of Counsel re: Legality                     HTML     15K 
 9: R1          Cover                                               HTML     59K 
11: XML         IDEA XML File -- Filing Summary                      XML     13K 
 8: XML         XBRL Instance -- tm218513d3_8k_htm                   XML     27K 
10: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.DEF  XBRL Definitions -- ual-20210303_def                 XML     78K 
 6: EX-101.LAB  XBRL Labels -- ual-20210303_lab                      XML    108K 
 7: EX-101.PRE  XBRL Presentations -- ual-20210303_pre               XML     74K 
 4: EX-101.SCH  XBRL Schema -- ual-20210303                          XSD     15K 
12: JSON        XBRL Instance as JSON Data -- MetaLinks               28±    38K 
13: ZIP         XBRL Zipped Folder -- 0001104659-21-031151-xbrl      Zip     54K 


‘8-K’   —   Current Report


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM  i 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  i March 3, 2021

 

 i UNITED AIRLINES HOLDINGS, INC.

 i UNITED AIRLINES, INC.

 

(Exact name of registrant as specified in its charter)

 

 i Delaware    i 001-06033    i 36-2675207
 i Delaware    i 001-10323    i 74-2099724
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification Number)

 

 i 233 S. Wacker Drive,  i Chicago,  i IL    i 60606
 i 233 S. Wacker Drive,  i Chicago,  i IL    i 60606
(Address of principal executive offices)   (Zip Code)

 

( i 872)  i 825-4000

( i 872)  i 825-4000

Registrant’s telephone number, including area code 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 i oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 i oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 i oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 i ¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act.

 

Registrant

 

  Title of Each Class 

Trading

Symbol

 

Name of Each Exchange

on Which Registered 

United Airlines Holdings, Inc.   i Common Stock, $0.01 par value   i UAL   i The Nasdaq Stock Market LLC
United Airlines Holdings, Inc.   i Preferred Stock Purchase Rights  None   i The Nasdaq Stock Market LLC
United Airlines, Inc.  None  None  None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  i o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 

 C: 

 

 

 

 i True 

Co-Registrant CIK 0000319687
Co-Registrant Amendment Flag false
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Co-Registrant PreCommencement Tender Offer false
Co-Registrant PreCommencement Issuer Tender Offer false
Co-Registrant Entity Emerging Growth Company  i false

 

 

Item 1.01Entry into a Material Definitive Agreement

 

On March 3, 2021, United Airlines Holdings, Inc. (“UAL”) entered into an equity distribution agreement (the “Distribution Agreement”) with Morgan Stanley & Co. LLC, AmeriVet Securities, Inc., Barclays Capital Inc., BofA Securities, Inc., BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC and Wells Fargo Securities, LLC (collectively, the “Managers”), relating to the issuance and sale from time to time by UAL (the “ATM Offering”), through the Managers, of up to 37,000,000 shares of UAL’s common stock, par value $0.01 per share (the “Shares”). Sales of the Shares, if any, under the Distribution Agreement may be made in any transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the terms of the Distribution Agreement, UAL may also sell Shares to any Manager, as principal for its own account, at a price agreed upon at the time of sale. If UAL sells Shares to a Manager as principal, UAL will enter into a separate terms agreement with such Manager.

 

The Distribution Agreement includes customary representations, warranties and covenants by UAL and customary obligations of the parties and termination provisions. The Company has agreed to indemnify the Managers against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Managers may be required to make with respect to any of those liabilities. Under the terms of the Distribution Agreement, UAL will pay the Managers a commission of up to 1% of the gross sales price of any Shares sold.

 

The Shares to be sold under the Distribution Agreement, if any, will be issued and sold pursuant to the prospectus forming a part of UAL’s shelf registration statement on Form S-3 (File No. 333-250153), which became effective upon filing by the Company with the Securities and Exchange Commission (the “SEC”) on November 17, 2020, and a prospectus supplement dated March 3, 2021 related thereto. UAL plans to use the net proceeds from any sales pursuant to the Distribution Agreement for general corporate purposes. The net proceeds from any sales pursuant to the Distribution Agreement are not included in the calculation of the amount of total available liquidity that the Company previously disclosed that it expects at the end of the first quarter of 2021.

 

The offering of common stock pursuant to the Distribution Agreement will terminate upon the earliest of (1) the sale of all common stock subject to the Distribution Agreement, (2) the termination of the Distribution Agreement by UAL or by any of the Managers, with respect to such Manager only or (3) March 31, 2023.

 

The foregoing description of the Distribution Agreement is not complete and is qualified in its entirety by reference to the full text of the Distribution Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated in this Item 1.01 by reference. In connection with the ATM Offering, Sidley Austin LLP provided the Company with the legal opinion attached to this Current Report on Form 8-K as Exhibit 5.1.

 

The Managers and their related entities have engaged, and may in the future engage, in commercial and investment banking transactions with UAL in the ordinary course of their business. They have received, and expect to receive, customary compensation and expense reimbursement for these commercial and investment banking transactions.

 

Item 9.01Financial Statements and Exhibits

 

Exhibit
No.
  Description
1.1   Equity Distribution Agreement, dated March 3, 2021, by and among United Airlines Holdings, Inc., Morgan Stanley & Co. LLC, AmeriVet Securities, Inc., Barclays Capital Inc., BofA Securities, Inc., BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC and Wells Fargo Securities, LLC
5.1   Legal Opinion of Sidley Austin LLP
23.1   Consent of Sidley Austin LLP (included in Exhibit 5.1)
104   Cover Page Interactive Data File (embedded with the Inline XBRL document)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

UNITED AIRLINES HOLDINGS, INC.

UNITED AIRLINES, INC.

     
     
     
  By: /s/ Gerald Laderman
  Name: Gerald Laderman
  Title: Executive Vice President and Chief Financial Officer
     
     
Date:  March 3, 2021    

 

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
3/31/23
Filed on / For Period end:3/3/21
11/17/20S-3ASR
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/22/21  United Airlines Holdings, Inc.    10-Q        3/31/21   70:8M
 3/31/21  United Airlines Holdings, Inc.    424B5                  1:687K                                   Toppan Merrill/FA
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