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March 17, 1994|From Times Staff and Wire Reports

Northwest Airlines Cuts Stock Offering Price: Lukewarm interest in the upcoming offering forced the company to slash the expected price for the stock by about 35%, sources close to the deal said. The offering, which had been expected as early as this week, has been pushed back until at least next week, the sources said. Northwest had initially planned to raise at least $380 million from the stock deal at a price of $19 to $21 per share. The new price of $13 to $14 per share means the airline would raise about $260 million to $280 million before paying underwriter fees. Northwest plans to use the money, as well as cash to be raised from a $400-million debt offering, to pay down debt borrowed to finance a 1989 leveraged buyout.

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