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Photo: Joshua Lott/AFP via Getty Images

United Airlines said Monday that it secured a $5 billion loan using its MileagePlus loyalty program as collateral and has other assets to pledge if it decides to tap another $4.5 billion from taxpayers to weather the coronavirus crisis.

Why it matters: While officials at the Chicago-based airline said there's early evidence of a modest rebound in air travel, their goal is to build a $17 billion cash cushion by the end of the third quarter — three times their normal liquidity balance.

Details: The MileagePlus loyalty program is one of United's most valuable assets, spinning off $5.3 billion in cash and $1.8 billion in EBITDA profit each year, and is worth an estimated $20 billion, according to company officials.

  • The revenue comes as consumers redeem frequent-flier miles for trips, credit card purchases, hotels, car rentals and other items from United's non-airline partners.
  • While some bankrupt airlines have used their frequent-flier programs as collateral to obtain financing in the past, United said its deal is uniquely structured so it will not give up any operating control — or equity — to its lenders.
  • Goldman Sachs, Barclays Bank and Morgan Stanley are providing the loan.

What to watch: United says it has other collateral such as airport gates, slots and routes to secure a future $4.5 billion Treasury loan, should it need to under the CARES Act.

Go deeper

United Airlines asks Congress, Trump to restart talks on airline aid

Photo: Justin Sullivan/Getty Images

United Airlines' CEO Scott Kirby and union leaders asked Congress and the White House in a letter on Friday to restart talks on coronavirus aid, warning that United may be forced to furlough as many as 16,000 employees starting Oct. 1 if the current aid package is not extended.

The state of play: The federal government's payroll support program for airlines is set to expire on Sept. 30. White House Chief of Staff Mark Meadows in a meeting with airline executives on Thursday said President Trump would support a $25 billion extension to Congress' current aid package.

Updated 5 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."