Alaska Air to sell $125 million convertible floaters

New York, March 17 - Alaska Air Group, Inc. said late Monday it is selling $125 million of floating-rate senior convertible notes due 2023.

The Rule 144A offering will have a $25 million greenshoe.

Conversion of the notes will be contingent on certain conditions.

Part of the proceeds will be used to purchase U.S. government securities to collateralize the first 3 years of interest payments.

Remaining proceeds will be used working capital and general corporate purposes.

No further details were available.

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