Wilmington Trust Clarifies Role in Continental Airlines, Inc. Transaction

WILMINGTON, Del.--(BUSINESS WIRE)--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.