=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/11/24/f= inancial0034EST0016.DTL ---------------------------------------------------------------------- Monday, November 24, 2003 (AP) Northwest regional carrier Pinnacle sets IPO at $14 per share (11-24) 21:34 PST MINNEAPOLIS (AP) -- Northwest Airlines' regional affiliate, Pinnacle Airlines Corp., priced its initial public offering at $14 on Monday. Northwest Airlines pension plans are offering 19.4 million common shares for the offering, meaning Pinnacle won't receive any of the proceeds, estimated at $271.6 million. Northwest contributed the stock to the pension plans in lieu of about $3= 50 million cash. The pension plans now hold about 90 percent of Pinnacle's common shares. Memphis, Tenn.-based Pinnacle provides regional air service for Northwes= t, ferrying passengers to and from Northwest hub airports in Minneapolis-St. Paul, Detroit and Memphis. Northwest, which bought Pinnacle in 1997 for about $33 million, also has granted the IPO's underwriters, Morgan Stanley, an option to sell 2.5 million Pinnacle shares that Northwest holds. When Northwest made Pinnacle stock contributions, an independent financi= al consultant estimated they were worth about $350 million. If the proceeds of the offering are not enough to match the contribution Northwest was obliged to make, the airline will have to make up the difference. =20 ---------------------------------------------------------------------- Copyright 2003 AP