UAL<UAL> OFFERING 5.5 MLN SHARES OF COMMON STOCK
UAL Inc said it is offering 5.5 mln
shares of its common stock at 56.50 dlrs a share for a total
aggregate value of 310.8 mln dlrs.
    UAL said it made the move principally to broaden its equity
base, thereby making additional borrowing for ongoing capital
requirements easier.
    UAL said it will add the offering's net proceeds to general
corporate funds, adding that it expects to invest the money in
short term cash instruments initially.
    UAL said Morgan Stanley and Co Inc and Merrill Lynch
Capital Markets have underwritten the issue in the U.S., where
four mln shares are being offered.
    The remaining one mln shares is being offered overseas
through underwriters Morgan Stanley International and Merrill
Lynch Capital Markets, UAL said.
    It added that an additional 500,000 shares is for
overallotments.
 Reuter
