We are seeing something a bit unusual considering the current climate for airline stocks. US Airways Group, Inc. (NYSE: LCC) has announced today that it will sell 19 million shares of common stock in a secondary offering via Merrill Lynch & Co.
This offering is being made under an existing shelf registration.The use of proceeds is the "general corporate purposes."
Shares are currently halted as of 11:33 AM EST. If this priced at thelast trade before the halt, the airline carrier would be raisingapproximately $179.7 million before fees and discounting. Its marketcap based upon the last print was listed as $871.9 million.
By the way, if this is greeted warmly and shares are not hit too hardyou might as well go ahead and just expect other airlines to followsuit.
Jon C. Ogg
August 14, 2008
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