Manufacturing Industry
Delta Air Lines reports completion of common stock offering
Airline Industry Information, Dec 30, 2008
AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD
Delta Air Lines (NYSE:DAL) reported on Monday (29 December) that it has completed an offering of common stock which generated gross proceeds of approximately USD196m.
In the offering the company sold 18,172,219 shares of common stock through a continuous offering programme equity distribution agreement with Citi.
The shares were not newly issued at the time of the offering but were sold out of treasury. All of the shares sold in the offering were withheld as the employee portion of withholding taxes on the issuance and vesting of equity awards made to employees in connection with Delta's merger with Northwest.
Delta said it intends to use the net proceeds of the offering for general corporate purposes, including replacing funds that were used to pay the above-mentioned withholding taxes.
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