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Continental Announces Purchase of Warrants From Air Partners

HOUSTON, Nov. 21, /PRNewswire/ -- Continental Airlines (NYSE: CAI.B and CAI.A) stated today that Air Partners, L.P. exercised its previously announced right to sell to Continental $50 million in intrinsic value (current Class B common stock price minus exercise price) of warrants to purchase Class B common stock previously issued by Continental. As a result, Continental will purchase, for $50 million in cash, warrants to purchase 2,614,379 Class B shares at an exercise price of $7.50 per share. The transaction will close early next week.

Air Partners continues to be the company's largest stockholder.
 -0- 11/21/96


/CONTACT: Corporate Communications of Continental Airlines, 713-834-5080/

(CAI.A)

CO: Continental Airlines ST: Texas IN: AIR SU:

NT -- NYTH164 -- 5693 11/21/96 20:11 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 21, 1996
Words:133
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