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US Airways greenshoe exercised, lifts 7.25% notes to $172.5 million
By Devika Patel
Knoxville, Tenn., May 12 - Underwriters for US Airways Group Inc.'s 7.25% five-year convertible senior notes exercised their over-allotment option in full for $22.5 million more of the convertibles, increasing the size of the issue to $172.5 million, the company said in a press release.
As previously reported, the company sold the notes at par on May 7 in a registered, off-the-shelf offering via joint bookrunners Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc.
The notes have a conversion premium of 15% and a conversion ratio of 218.8184, which equals a conversion price of $4.57.
The notes are non-callable for life and have no puts. Dividend and takeover protection provisions are standard.
Proceeds will be used for general corporate purposes.
US Airways is a Tempe, Ariz.-based air carrier.
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