Printer Friendly

BRITISH AIRWAYS TO PURCHASE USAIR GROUP PREFERRED STOCK FOR $86.3 MILLION

 ARLINGTON, Va., April 26 /PRNewswire/ -- USAir Group (NYSE: U) today reported that in conjunction with its previously announced offering of 10 million shares of common stock, British Airways (NYSE: BAB) will exercise its right under the investment agreement of Jan. 21, 1993, to purchase shares of a new series of Series T convertible preferred stock in USAir Group for $86.3 million.
 The purchase will enable British Airways to maintain its current 24.6 percent holding in USAir Group equity share capital on an undiluted basis. The Series T is convertible into 3.27 million shares of underlying common stock at a conversion price of $26.40 per share.
 Net proceeds of the offering of common and convertible stock will be added to the working capital of USAir Group and will be available for general corporate purposes. In the event the underwriters of USAir Group's common offering exercise their 15 percent overallotment option, which would bring the total number of shares sold to 11.5 million, British Airways will purchase $12.9 million in additional Series T convertible preferred representing 0.49 million additional underlying common shares.
 -0- 4/26/93
 /CONTACT: Dave Shipley of USAir corporate communications, 703-418-5100/
 (U BAB)


CO: USAir Group; British Airways ST: Virginia IN: AIR SU: TNM

PS -- NY014 -- 0419 04/26/93 07:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 26, 1993
Words:221
Previous Article:ACRI AND CRAY RESEARCH ANNOUNCE SOFTWARE DEVELOPMENT AGREEMENT FOR PARALLEL COMPUTER SYSTEMS
Next Article:MFS PLANS FIBER OPTIC NETWORK IN LONDON; FILES TELECOMMUNICATIONS LICENSE APPLICATION
Topics:


Related Articles
BRITISH AIRWAYS TO INVEST $750 MILLION IN USAIR; FIRST STEP IN CREATION OF WORLD'S LARGEST OF AIRLINE ALLIANCE
DOT STARTS PUBLIC PROCEEDING ON PROPOSED BRITISH AIRWAYS-USAIR TRANSACTION
PENNSYLVANIA ATTORNEY GENERAL URGES APPROVAL OF PROPOSED USAIR/BRITISH AIRWAYS ALLIANCE
NEW AGREEMENT REACHED FOR BRITISH AIRWAYS INVESTMENT IN USAIR
UNITED AIRLINES ACQUIRES USAIR'S PHILADELPHIA-LONDON ROUTE; SEEKS TO TRANSFER ROUTE AUTHORITY TO CHICAGO-LONDON MARKET
USAIR AND UNITED AGREE TO SALE OF PHILADELPHIA-LONDON ROUTE
USAIR TO TRANSFER CHARLOTTE-LONDON ROUTE AUTHORITY TO NASHVILLE FOR $5 MILLION (.)
USAIR GROUP STOCK SALE PRODUCES NET PROCEEDS OF $231 MILLION
USAIR GROUP SHAREHOLDERS APPROVE BRITISH AIRWAYS INVESTMENT
MESA AND USAIR GROUP ANNOUNCE DEFINITIVE AGREEMENT TO PURCHASE ASSETS; FLORIDAGULF DIVISION TO EXPAND IN THE NORTHEAST

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters