US Airways says holders surrender 93% of 7% convertibles in put option

By Devika Patel

Knoxville, Tenn., Oct. 1 - US Airways Group, Inc. investors exercised their put option by surrendering $68.75 million, or 93%, of the company's 7% senior convertible notes due 2020 for purchase by midnight ET on Sept. 29, according to an 8-K filed Friday with the Securities and Exchange Commission.

The put option launched on Sept. 1 and expired at midnight ET on Sept. 29.

Following this, there is $4.81 million of the convertibles remaining.

The company bought the notes at par plus accrued interest solely with cash.

U.S. Bank NA is the note trustee.

The airline company is based in Tempe, Ariz.

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