Continental Airlines in $230 Million Convertible Notes Offering
December 11, 2009
Cleary Gottlieb represented the underwriters, led by Morgan Stanley, Credit Suisse and Goldman Sachs, in a registered offering of $230 million aggregate principal amount of 4.5% convertible notes due 2015 of Continental Airlines, Inc., which included an exercise in full by the underwriters of their option to purchase $30 million of notes to cover over-allotments. The transaction priced on December 7 and closed on December 11.
Continental is a major United States air carrier engaged in the business of transporting passengers, cargo and mail. Continental is the world’s fifth largest airline and, together with its wholly-owned subsidiary, Continental Micronesia, Inc., operates more than 2,000 daily departures and serves 117 domestic and 117 international destinations. Continental is also a member of Star Alliance. Continental’s shares are listed on the New York Stock Exchange.