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Southwest Airlines Prices Three Offerings Totaling Approximately $6B

Vinson & Elkins advised Southwest Airlines Co. in three offerings totaling approximately $6.0 billion.

Announced April 28, 2020, Vinson & Elkins advised Southwest Airlines Co. in its underwritten public offering of 70,000,000 shares of common stock of the Company at a public offering price of $28.50 per share (the “Common Stock Offering”) and its underwritten public offering of $2.0 billion aggregate principal amount of 1.250% Convertible Senior Notes due 2025 (the “Convertible Notes” and such offering, the “Convertible Notes Offering”). The gross proceeds to the Company from the Common Stock Offering and the Convertible Notes Offering, before deducting underwriting discounts and other offering expenses, are expected to be approximately $4.0 billion.

Announced April 29, 2020, V&E also advised Southwest Airlines Co. in connection with its underwritten public offering of $2.0 billion aggregate principal amount of senior notes, consisting of $750 million aggregate principal amount of 4.750% Notes due 2023 and $1.25 billion aggregate principal amount of 5.250% Notes.

The V&E team was led by partners Robert Kimball, Brenda Lenahan and David Stone, with assistance from senior associates Katherine Frank and Stancell Haigwood and associates Cameron Land, Elizabeth Janicki, Claire Wenholz, Sydney Verner and Joanna Enns. Advising on tax matters were partners David Peck and Wendy Salinas and associate Lauren Meyers.

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