Continental Airlines, Inc.
(NYSE: CAL) (“Continental”), the fifth largest airline in the U.S., today
announced the pricing of an offering of $175 million of 4 1/2% Convertible
Notes due January 2007 (the “Notes”). The Notes will be convertible at a
price of $40 per share of Continental common stock and will not be redeemable
prior to January 2005. Continental expects the issuance and delivery of the
Notes to occur on January 23, 2002.
Salomon Smith Barney Inc. (“Salomon Smith Barney”) is acting as sole
bookrunner for the offering. When available, copies of the prospectus
supplement and prospectus relating to the offering may be obtained from
Salomon Smith Barney, 388 Greenwich Street, New York, New York, 10013. These
documents will also be filed with the Securities and Exchange Commission
(“SEC”) and will be available at the SEC`s website at http://www.sec.gov .
Continental intends to use the net proceeds from the offering for general
Continental Airlines is the fifth largest airline in the U.S., offering
more than 2,000 departures daily to 126 domestic and 89 international
destinations. Operating hubs in New York, Houston, Cleveland and Guam,
Continental serves more international cities than any other U.S. carrier,
including extensive service throughout the Americas, Europe and Asia.
The Notes and the shares to be issued upon conversion of the Notes will be
issued pursuant to a shelf registration statement that was previously filed.
This press release shall not constitute an offer to sell or a solicitation of
an offer to buy the Notes or shares of Continental common stock. An offering
of the Notes and shares of Continental common stock will be made only by means
of a prospectus. The prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.
Statements in this press release contain “forward-looking” information
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such statements involve a number
of risks and uncertainties. Those factors include conditions in the financial
markets and customary offering closing conditions. Please see Continental`s
filings with the SEC for certain other factors that may affect forward-looking