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Continental prices offer at $14.80 per share

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By AP
20 June 2008 @ 10:08 am EST

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HOUSTON - Continental Airlines Inc. priced its public offering of 11 million Class B shares at $14.80 per share, a 5 percent discount to the carrier's closing price of $15.59 on Thursday.

Quotes

CAL

12.19

-3

Shares fell $1.30, or 8.3 percent, to $14.29 in early morning trading Friday.

Continental has offered underwriters an option to buy up to an additional 1.7 million shares to cover over-allotments over the next 30 days.

Continental expects the shares to be issued on June 25.

UBS Investment Bank is the sole underwriter for the offering.

On Thursday, Continental announced an alliance with United Airlines after the companies failed to complete merger negotiations this spring.

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