Continental Airlines to redeem $99.95 million 5% convertibles due 2023

By Devika Patel

Knoxville, Tenn., Oct. 26 - Continental Airlines Inc. said it will redeem $99.95 million of its 5% convertible notes due 2023 on Nov. 24. The company said Oct. 7 it would redeem $75 million of the convertibles on Nov. 4; so, following this redemption, no bonds will remain outstanding.

The notes will be redeemed at par plus interest to the redemption date.

The Bank of New York Mellon is the paying agent.

Holders may elect to convert their notes into common stock at $19.0476 per share. Company shares (NYSE: UAL) closed at $27.71 on Oct. 25.

Continental is a Houston-based airline and a subsidiary of United Continental Holdings, Inc.

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