Pinnacle Announces Initial Public Offering

Pinnacle Airlines Corp. (Nasdaq: PNCL) announced today the pricing of its initial public offering of 19,400,000 shares of common stock at $14.00 per share. The Northwest Airlines pension plans, as selling stockholders, are offering all of the shares to be sold in the offering. Pinnacle Airlines Corp. will not receive any of the proceeds of the offering.
orthwest Airlines, Inc., which owns 2,492,060 shares of the Company, has granted the underwriters the right to purchase its shares to cover over-allotments, if any.
The offering is being lead managed by Morgan Stanley. A copy of the final prospectus may be obtained from Morgan Stanley at 1585 Broadway, New York, NY 10036 or via e-mail at [email protected]
A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. The public offering is being made by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Pinnacle Airlines provides Northwest Airlines with regional airline capacity as a Northwest Airlink carrier at its domestic hub airports in Detroit, Minneapolis/St. Paul and Memphis.