CHICAGO, Oct. 21, 2014 /PRNewswire/ -- United Continental Holdings, Inc. (NYSE: UAL) today announced that it is notifying holders of its 6.0 percent Convertible Senior Notes due 2029 (the "Notes"), which, as of Oct. 20, 2014, had an outstanding principal amount of $56,216,000, that it has elected to effect an optional redemption of all of the outstanding Notes on Nov. 25, 2014 (the "Redemption Date"). On the Redemption Date, United Continental Holdings, Inc. (the "Company") will redeem the entire outstanding principal amount of the Notes, at a price in cash equal to 100 percent of the principal amount of such Notes, plus accrued and unpaid interest thereon to but not including the Redemption Date.
The Notes are convertible into shares of the Company's common stock. The current conversion rate of the Notes is 115.1013 shares of common stock per $1,000 principal amount of the Notes, and the conversion price is approximately $8.69.
The paying agent and conversion agent for the Notes is The Bank of New York Mellon Trust Company, N.A., Corporate Trust Operations, 2 N. La Salle Street, Suite 1020, Chicago, IL 60602, Attention: Mr. Dan Donovan, Phone: (312) 827-8547, Fax: (312) 827-8542, Email: firstname.lastname@example.org.
United Airlines and United Express operate an average of more than 5,200 flights a day to 374 airports across six continents. In 2013, United and United Express operated nearly two million flights carrying 139 million customers. With U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates more than 700 mainline aircraft and, in 2014, is taking delivery of 35 new Boeing aircraft, including the 787-9 as the North American launch customer, and is welcoming 32 new Embraer 175 aircraft to United Express. The airline is a founding member of Star Alliance, which provides service to 192 countries via 27 member airlines. More than 85,000 United employees reside in every U.S. state and in countries around the world. For more information, visit united.com, follow @United on Twitter or connect on Facebook. The common stock of United's parent, United Continental Holdings, Inc., is traded on the NYSE under the symbol UAL.
SOURCE United Airlines