May. 12 at 1:06 AM
United Airlines has restarted the sale of municipal bonds to fund its largest catering facility to date at Houston’s George Bush Intercontinental Airport.
The airline is issuing about
$256 million in high-yield municipal bonds after postponing the deal last year due to market volatility. The financing supports two major projects: a
$150 million advanced catering center and a
$106 million ground services equipment facility, both tied to airport infrastructure expansion.
Although issued through the city, the bonds are backed by United’s lease payments and are rated BB+ by S&P Global Ratings, below investment grade.
The new 234,000-square-foot catering facility is expected to become United’s largest kitchen system, capable of producing around 14,000 meals daily using automated systems. The project is part of broader infrastructure upgrades at Houston’s airport, a key hub for the airline.
$UAL