Continental Airlines (NYSE:  CAL) today announced that the underwriters of its previously announced convertible note offering have exercised in full their option to purchase additional notes to cover over-allotments in respect of such offering. Continental will issue a total of $230 million in aggregate principal amount of its 4.5% convertible notes due 2015 (including $30 million in aggregate principal amount of notes issued pursuant to the option exercise). The net proceeds to Continental from this offering, after deducting underwriting discounts and estimated offering expenses, will be approximately $224.0 million. The offering is expected to close Dec. 11, 2009, subject to customary closing conditions.