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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 19, 1996
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(Date of earliest event reported)
UAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6033 36-2675207
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1200 Algonquin Road, Elk Grove Township, Illinois 60007
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 952-4000
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Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
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UAL Corporation (the "Company") is filing herewith a press
release dated March 19, 1996 as Exhibit 99.1 which is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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Exhibit No. Description
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99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
UAL CORPORATION
By: /s/ Douglas A. Hacker
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Name: Douglas A. Hacker
Title: Senior Vice President -
Finance
Dated: March 19, 1996
EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release
Exhibit 99.1
Corporate Communications Contacts
Connie Huff (847) 952-5501
Joe Hopkins (847) 952-5770
Tony Molinaro (847) 952-4971
Night (847) 952-4088
Investor Relations Contact:
Mark Reiser (847) 952-7501
UAL CORPORATION TO REDEEM 6 3/8% CONVERTIBLE
SUBORDINATED DEBENTURES;
DISCUSSES HIGHER FIRST QUARTER EXPECTATIONS
CHICAGO, March 19, 1996 -- UAL Corporation, the parent
company whose primary subsidiary is United Airlines, today
announced that it is issuing a redemption notice for its 6 3/8%
convertible subordinated debentures with a redemption date of May
1, 1996.
Debenture holders will receive $1,043.75, plus accrued
interest of $15.9375, in cash for every $1,000 in principal
amount of debentures redeemed. Alternatively, holders may
convert their debentures on or before 5:00 p.m. April 30, 1996
(EST) and receive $541.90 in cash and approximately 3.192 shares
of UAL common stock (with cash in lieu of fractional shares) for
every $1,000 principal amount of debentures.
The Bank of New York, whose address is 101 Barclay Street,
New York, NY 10286, is the redemption and conversion agent.
The redemption or conversion of the debentures will reduce
UAL's gross interest expense by $38 million annually. If all
debentures are converted prior to the May 1 redemption date,
first quarter gross interest expense will be reduced by $6
million.
Separately, UAL noted first quarter traffic and yields are
expected to be stronger than originally estimated. Costs also
will be slightly higher due to increasing fuel prices and costs
associated with additional revenues. As a result, UAL expects
its first quarter earnings will exceed the highest analyst's
estimate reported to First Call of $2.05 per fully distributed
share.
The information set forth in the preceding paragraph is
forward looking and actual results could differ materially from
expected results. Factors that could significantly impact
expected traffic, yields, revenue and costs include the airline
pricing environment, the general economic environment, world oil
prices and other factors discussed in company filings with the
Securities and Exchange Commission.