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AirTran states Put Option notification for 7% Convertible Notes due 2023.


AirTran Holdings Inc (NYSE:AAI), parent company of AirTran Airways Inc, announced yesterday that it was notifying holders of its 7% Convertible Notes, due 2023, that they have the right to repurchase their notes for cash (the Put Option).

The Put Option expires at 17:00 New York City time on 1 July 2010 and entitles each holder of the Notes to ask AirTran to repurchase all or part of the holder's notes at a cash price equal to USD1,000 per USD1,000 principal amount of the notes, as well as any accrued and unpaid interest up to but not including 1 July 2010.

If all of the outstanding notes are surrendered for repurchase the cash price will be USD95.8m. AirTran said it intends to use cash on hand to finance the Put Option.

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Publication:Airline Industry Information
Date:Jun 4, 2010
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