United Taps Munis for $522 Million Houston Airport Deal

United Airlines Inc. is coming to the municipal bond market with a nearly $522 million junk deal in a year when investors have been rewarded for snapping up high-yield airline debt.

A portion of the bonds will help finance a catering operations facility for United at George Bush Intercontinental Airport in Houston. Though issued by the city, the debt package is secured by rent payments made by the airline.