Hi, it's Glenn, and it's Tuesday, the 24th of January, and I am calling today from Chicago.
Very soon, United will be a publicly traded company once again.
This is a tremendous step forward for us…another direct result of the work we have done together as one company.
This morning, we announced that United has selected the NASDAQ stock exchange for the listing of our new shares.
We were very pleased that we had our choice of exchanges. We chose NASDAQ for a number of important reasons -- including their state-of-the-art electronic trading platform, their first-rate customer focus and the large number of dynamic companies listed on the exchange.
We were also impressed with their plan to support and increase United’s visibility with new investors.
Our new trading symbol will be [UAUA]. Trading in United shares will begin in early February immediately following the effective date of our Plan of Reorganization.
The $3 billion loan facility, that will finance our emergence as a publicly traded company and provide the flexibility that we need financially, has received an overwhelmingly positive response from a wide range of institutional lenders.
JPMorgan Chase, Citigroup and GE Capital put our loan out for syndication and received early commitments for nearly $7 billion – more than twice the amount we were seeking.
As lenders compete to participate in the loan, we can secure a lower cost for this financing…and that's precisely what we are doing.
These financial institutions clearly recognize the potential created by the fundamental changes we are making in United’s operations, in our revenue strategy and cost containment.
They are counting on our continuing determination to make further improvements…and on our ability to successfully deal with the changes we will face as this industry continues to evolve.
We all know that we are going to keep our end of this deal.
As I’ve said before, we will make decisions about our business based on the balance of the best interests of our customers, employees and investors…all of our shareholders going forward.
We are moving ahead, and we're building momentum. We have chosen a path that is distinctly United’s with our strategy to differentiate our products and our services from the competition, offering our customers the right products at the right time at the right price.
And we will continue to compete aggressively for each and every customer.
That’s all for now. I will be talking to you again soon. Until then, stay focused on our customers and on one another, as one company, and stay united.