SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 20, 1998
MIDWAY AIRLINES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
000-23447 36-3915637
(Commission File Number) (IRS Employer Identification No.)
300 West Morgan Street, Suite 1200
Durham, North Carolina 27701
(Address of principal executive offices) (Zip Code)
(919) 956-4800
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS.
On August 14, 1998, Midway Airlines Corporation (the "Company") completed
the placement of $109.7 million aggregate principal amount of enhanced equipment
pass through certificates under Rule 144A of the Securities Act of 1933. The
proceeds from the placement of these certificates will be used to finance the
Company's purchase or leveraged lease of eight new Canadair Regional Jet
Aircraft.
In connection with the placement of these certificates, the Company issued
the press release filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
99 Press release, dated August 14, 1998.
All other Items of this report are inapplicable.
-2-
<PAGE>
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.
MIDWAY AIRLINES CORPORATION
By: /s/ Jonathan S.Waller
----------------------
Dated: August 20, 1998 Jonathan S. Waller
Senior Vice President
-3-
EXHIBIT 99
FOR IMMEDIATE RELEASE
MIDWAY AIRLINES COMPLETES AIRCRAFT FINANCING
DURHAM, N.C. - August 14, 1998 -- Midway Airlines Corporation (Nasdaq:
MDWY) (www.MidwayAir.com) today announced completed placement of $109.7 million
aggregate principal amount of enhanced equipment pass through certificates
(EETCs) under Rule 144A of the Securities Act of 1933.
The proceeds from the debt offering will finance leveraged lease
transactions for eight new Canadair Regional Aircraft (CRJ) ordered from
Bombardier Regional Aircraft of Ontario, Canada. The Company has already placed
five new CRJ aircraft into service since January of 1998, with the additional
eight scheduled for delivery through June 1999. The Company holds options on 17
additional CRJs.
The EETCs have not been registered under the Securities Act and may not be
offered or sold in the United States absent registration under the Securities
Act or an applicable exemption.
As a full-service carrier, Midway Airlines operates 110 daily non-stop
flights between its hub at Raleigh-Durham International Airport and 17
destinations in ten eastern states and Cancun, Mexico. The Company flies one of
the youngest all-jet fleets in the industry with an average age of three years.
