TEMPE, Ariz., Aug 14, 2008 (BUSINESS WIRE) -- US Airways Group, Inc. (NYSE: LCC) ("US Airways" or the "Company")
announced today that the Company has priced its public offering of
19,000,000 shares of common stock at an offering price of $8.50 per
share for net proceeds, after the underwriting discount and estimated
offering expenses, of approximately $155 million. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 2,850,000 shares to cover over-allotments, if any. The
Company plans to use the net proceeds for general corporate purposes.
Completion of the offering is subject to customary closing conditions
and is expected to close on August 19, 2008. Merrill Lynch & Co. acted
as the sole book-running manager for the offering.
The shares of common stock are being offered under the Company's
existing shelf registration statement, which became automatically
effective upon filing with the Securities and Exchange Commission. The
offering may be made only by means of a prospectus and a related
prospectus supplement, copies of which may be obtained from Merrill
Lynch & Co., 4 World Financial Center, 250 Vesey St., New York, New
York 10080, or by phone at 212-449-1000.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sales of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such jurisdiction.
US Airways is the fifth largest domestic airline employing more
than 35,000 aviation professionals worldwide. US Airways, US Airways
Shuttle and US Airways Express operate approximately 3,500 flights per
day and serve more than 230 communities in the U.S., Canada, Europe,
the Caribbean and Latin America. US Airways is a member of the Star
Alliance network, which offers our customers 18,000 daily flights to
965 destinations in 162 countries worldwide. This press release and
additional information on US Airways can be found at
www.usairways.com. (LCCG)
Forward Looking Statements
Certain of the statements contained herein should be considered
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward looking
statements may be identified by words such as "may," "will," "expect,"
"intend," "anticipate," "believe," "estimate," "plan," "could,"
"should," and "continue" and similar terms used in connection with
statements regarding the outlook, expected fuel costs, revenue and
pricing environment, and expected financial performance of US Airways
Group (the "Company"). Such statements include, but are not limited
to, statements about the benefits of the business combination
transaction involving America West Holdings Corporation and US Airways
Group, including future financial and operating results, the Company's
plans, objectives, expectations and intentions, and other statements
that are not historical facts. These statements are based upon the
current beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties that could cause the
Company's actual results and financial position to differ materially
from these statements. Such risks and uncertainties include, but are
not limited to, the following: the impact of high fuel costs,
significant disruptions in fuel supply and further significant
increases to fuel prices; the impact of future significant operating
losses; the Company's high level of fixed obligations (including
compliance with financial covenants related to those obligations) and
the ability of the Company to obtain and maintain any necessary
financing for operations and other purposes; the impact of changes in
the Company's business model; the ability of the Company to maintain
adequate liquidity; changes in prevailing interest rates and increased
costs of financing; the impact of economic conditions; the ability of
the Company to obtain and maintain commercially reasonable terms with
vendors and service providers and reliance on those vendors and
service providers; reliance on third party service providers and the
impact of any failure or disruption by these providers; labor costs,
relations with unionized employees generally and the impact and
outcome of the labor negotiations; reliance on automated systems and
the impact of any failure or disruption of these systems; the impact
of industry consolidation; competitive practices in the industry,
including significant fare restructuring activities, capacity
reductions or other restructuring or consolidation activities by major
airlines; the ability to attract and retain qualified personnel; the
impact of global instability including the potential impact of current
and future hostilities, terrorist attacks, infectious disease
outbreaks or other global events; security-related and insurance
costs; government legislation and regulation, including environmental
regulation; the Company's ability to obtain and maintain adequate
facilities and infrastructure to operate and grow the Company's
network; costs of ongoing data security compliance requirements and
the impact of any data security breach; interruptions or disruptions
in service at one or more of the Company's hub airports; the impact of
any accident involving the Company's aircraft; delays in scheduled
aircraft deliveries or other loss of anticipated fleet capacity;
weather conditions; the cyclical nature of the airline industry; the
impact of foreign currency exchange rate fluctuations; the ability to
use pre-merger NOLs and certain other tax attributes; ability to
integrate management, operations and labor groups; the ability to
maintain contracts critical to the Company's operations; the ability
of the Company to attract and retain customers; and other risks and
uncertainties listed from time to time in the Company's reports to the
SEC. There may be other factors not identified above of which the
Company is not currently aware that may affect matters discussed in
the forward-looking statements, and may also cause actual results to
differ materially from those discussed. The Company assumes no
obligation to publicly update any forward-looking statement to reflect
actual results, changes in assumptions or changes in other factors
affecting such estimates other than as required by law. Additional
factors that may affect the future results of the Company are set
forth in the section entitled "Risk Factors" in the Company's Report
on Form 10-Q for the quarter ended June 30, 2008 and in the Company's
filings with the SEC, which are available at www.usairways.com
SOURCE: US Airways Group, Inc.
US Airways Group, Inc., Tempe
Dan Cravens, 480-693-5729