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United Airlines Stock Slides After Massive Secondary Offering

Courtesy of ZeroHedge View original post here.

One word – “Bravo”… a publicy-traded firm that chooses to raise its own capital rather than rely on government bailouts to save it from its historically bad decisions.

United Airlines shares are sliding after hours – though not devastatingly…

…after announcing:

United Airlines Holdings, Inc.  today announced an underwritten public offering of 39,250,000 shares of its common stock, subject to market conditions and other factors. Morgan Stanley and Barclays are acting as the underwriters of the offering.

The Company has also granted to the underwriters a 30-day option to purchase up to 3,925,000 additional shares.

The proceeds from the offering will be used for general corporate purposes.

This will mean a dilution of approximately 16%.

In context, the drop is de minimus…

Spirit, American, Jetblue, and Delta shares are all falling after hours as hope of a massive bailout fades (whether by peer pressure or UAL simply highlighting how capitalism is supposed to work).


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