Sat, Aug 30, 2003
Agreement To Participate in Private Placement of Stock
US Airways Group Inc.
has reached an agreement with Goldman, Sachs to join a private
placement of US Airways common stock. Under the transaction, which
was announced on Aug. 14, 2003, Aviation Acquisition, LLC agreed to
buy some five-million shares of US Airways stock at $7.34 per
share. The Goldman Sachs investment will be about $7 million of the
approximately $35 million private placement.
The stock sale price of $7.34 per share is consistent with the
common share valuation paid by the Retirement Systems of Alabama
when it made its equity investment in conjunction with US Airways'
emergence from Chapter 11 protection on March 31, 2003, and with
the terms of the agreement made with Aviation Acquisition and
OCM.
"Goldman Sachs' participation in the private placement with
Farallon and Oaktree is a further validation of investor confidence
in our company," said David N. Siegel, US Airways president and
chief executive officer. "Having three well-known equity investors
believe in the restructuring of US Airways is a tremendous first
step in re-entering the stock market."
Under the company's
restructuring, employees will hold 30 percent of the stock in the
airline, and already are 50 percent vested in their stock holdings.
The transaction with Goldman Sachs, as well as the remainder of the
private placement with Aviation Acquisition and OCM, closed today.
The total number of shares will be slightly less than 5.0 million,
due to the election by some pilots to pay cash in lieu of having
shares withheld for taxes.
US Airways said this private placement is part of its strategy
for achieving an orderly return to the equity markets and it
continues to explore all options, including a listing of the new
stock on a national exchange.
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