UAL Corporation, the holding company whose primary subsidiary is United Airlines, announced the launch of its exit financing loan for up to $3 billion. The six-year loan will be secured by substantially all available assets and comprised of a $300 million revolving credit facility and an up to $2.7 billion term loan, both priced at LIBOR + 450 basis points. Proceeds will be used for several purposes: to repay outstanding loans under United’s debtor-in-possession financing; certain bankruptcy-related expenses; working capital; and other general corporate purposes.

The financing is led by JPMorgan and Citigroup. GE Capital will act as syndication agent.

‘We have been pleased that our debtor-in-possession loan has been oversubscribed, and we look forward to successful syndication of our exit facility,’ said Kathryn Mikells, United vice president and treasurer. A hearing to confirm United’s plan of reorganization is scheduled for Jan. 18, and the company is planning to exit bankruptcy on or about Feb. 1.