UAL to launch offerings of 19 million common shares and $175M in notes
By APWednesday, September 30, 2009
UAL to launch public offering of stock and notes
NEW YORK — The parent company of United Airlines, UAL Corp., says it plans to offer 19 million shares and $175 million in convertible senior notes due 2029 in a pair of public offerings.
Shares fell 60 cents, or 6.5 percent, to $8.62 in aftermarket trading.
In the public offering of its common stock, UAL Corp. said Wednesday it intends to grant underwriters an option to acquire an added 2.85 million shares.
In the note offering, UAL has given underwriters an option of nearly $26.3 million in additional convertible senior notes.
JPMorgan Securities Inc., Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. will act as joint book-running managers of both offerings.
Several major airlines have recently taken measures to bolster liquidity.
