HONOLULU, July 8, 2002 -- Hawaiian Airlines, Inc. (AMEX and PCX: HA) today announced the final results for its cash tender offer to purchase up to 5,880,000 shares, or approximately 17.46% of its outstanding common stock at a price of $4.25 net per share. The offer, which was oversubscribed, expired at 12:00 midnight, New York City time, on June 27, 2002.
According to the final count, 26,578,337 shares were tendered and not withdrawn. Hawaiian accepted 5,880,000 properly tendered shares on a pro rata basis, with a proration factor of approximately 22.12%. Payment for accepted shares and return of all other tendered shares will be made this week by the depositary.
On May 30, 2002, Hawaiian had 33,674,143 shares of common stock issued and outstanding. As a result of the completion of the offer and subsequent option exercises, Hawaiian expects to have 27,814,143 shares of common stock issued and outstanding as of the time immediately following payment for the accepted shares.
About Hawaiian Airlines
Founded in 1929 as Inter-Island Airways, Hawaiian Airlines is the first and largest Hawaii-based airline. From Honolulu, Hawaiian Airlines provides scheduled and charter air transportation of passengers, cargo and mail among the islands of Hawaii and between Hawaii and eight Western U.S. gateway cities and two destinations in the South Pacific. The nation's 12th-largest carrier, it is also the second-largest provider of transpacific air service between the U.S. mainland and Hawaii. Additional information on Hawaiian Airlines is available on-line at www.HawaiianAir.com.