Company provides corporate trust services, not credit, to airline
Wilmington Trust, a leading provider of institutional trustee, agency,
and administrative services through its Corporate Client Services (CCS)
business, said today that it is serving solely in corporate trust and
agency capacities related to a July 1, 2009 filing made by Continental
Airlines, Inc. (Continental) with the Securities and Exchange Commission
that provides for future issuance by Continental of approximately $390
million of equipment notes to finance 12 aircraft.
Earlier today, incomplete news reports surfaced that may have led some
readers to believe that Wilmington Trust is lending money to Continental
in this transaction. In fact, Wilmington Trust’s role is restricted to
serving as subordination agent, pass-through trustee, and indenture
trustee; it is paid a fee for these services. Wilmington Trust is not a
lender to Continental and has no credit exposure to the airline company.
This transaction has no effect on Wilmington Trust’s balance sheet,
credit quality, or financial condition.
Wilmington Trust’s CCS business offers institutional trustee, agency,
asset management, retirement plan, and administrative services for
clients worldwide who use capital market financing structures, as well
as those who seek to establish or maintain nexus, or legal residency,
for special purpose entities. Because Wilmington Trust does not
underwrite securities offerings or provide investment banking services,
it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory Services for high-net-worth clients
in 36 countries, and Corporate Client Services for institutional clients
in 88 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
News Media
Bill Benintende,
302-651-8268
Public Relations
wbenintende@wilmingtontrust.com
or
Investors
and Analysts
Ellen J. Roberts, 302-651-8069
Investor
Relations
eroberts@wilmingtontrust.com
