Continental Airlines in $204 Million “Overnight” Equity Offering

October 24, 2005

Cleary Gottlieb represented UBS Securities LLC as underwriter in the offering of 18 million shares of Class B common stock by Continental Airlines, Inc. at an aggregate offering price to the public of $204,300,000. The offering was done under Continental’s shelf registration statement on an “overnight” basis.

In an “overnight” deal, instead of the traditional book-building process, the underwriters commit to purchase the securities and then rapidly contact potential customers to arrange resale, with the goal of placing all securities between pricing and the next market open.