News Release
Continental Airlines Announces Warrant Exercise
HOUSTON, April 24, 1998 -- Continental Airlines (NYSE: CAI.B and CAI.A) announced today that Air Partners, L.P. has exercised all outstanding warrants to purchase Class A common stock of Continental, resulting in the issuance of 3,039,468 shares of Class A common stock by the Company. The warrants, which were issued by Continental in April 1993, entitled Air Partners to purchase 2,298,134 shares of Class A common stock for $7.50 per share, and 741,334 shares of Class A common stock for $15 per share. The total exercise price paid to the Company was approximately $28.4 million. As previously announced, Air Partners and certain affiliates have entered into an agreement to dispose of their interests in Continental Airlines to an affiliate of Northwest Airlines, Inc., subject to regulatory approval and other contractual closing conditions.