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United Continental to pay cash for any puts on 4.5% convertible notes
By Susanna Moon
Chicago, May 24 - United Continental Holdings, Inc. said it will pay cash for any puts on its $726 million outstanding principal amount of 4.5% senior limited-subordination convertible notes due 2021.
Holders may require the company to redeem the convertibles on June 30 at par plus any accrued interest to but excluding the redemption date. Because June 30 is an interest payment date, however, the company said it expects no interest due as part of the purchase price.
The notes are putable from June 1 through 5 p.m. ET on June 29. Holders may withdraw any puts through the offer deadline.
Under the note terms, the company had the option to pay for the put option with cash, United common shares or a combination of cash and stock, according to a company press release.
The Bank of New York Mellon Trust Co., NA (attn: Dan Donovan, 312 827-8547 or fax 312 827-8542) is the depository trust company and paying agent.
United Continental is a Chicago-based holding company for United Airlines and Continental Airlines.
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