IN HAWAII

Hawaiian to buy 5.9M million offered shares

Hawaiian Airlines has finished calculations on its tender offer, which was clearly over-subscribed last week. After stockholders passed a deadline to back away, 26.6 million shares remained offered for the $4.25-a-share price. Hawaiian is buying 5.9 million of the shares that were offered.

The result is that the company will buy 22.1 percent of the total number of shares offered. Shareholders will get paid for that percentage of what they turned in but will keep the rest of the shares. Hawaiian is paying about $25 million for the stock it is buying.

Hawaiian expects to end the deal with 17.5 percent fewer shares outstanding. Hawaiian, traded on the American Stock Exchange, closed today at $3.46, down 14 cents from yesterday.

ON THE MAINLAND

Schuler buy boosts D.R. Horton sales

The acquisition of Honolulu-headquartered Schuler Homes in February helped boost third-quarter sales for home building giant D.R. Horton Inc.

The Arlington, Texas-based corporation said today its orders for the three months through June 30 were up 68 percent at $2 billion for 9,065 homes, compared to $1.2 billion for 6,014 homes in the year-earlier quarter. Also contributing to the increase was the purchase last July of a mainland firm, Emerald Homes.

But even without those mergers, "same-store" sales were up 22 percent year over year, Horton said. The company said it will issue its full quarterly earnings report July 22.

Pilots, US Airways reach tentative deal

ARLINGTON, Va. >> US Airways and its pilots union reached a tentative agreement on wage and benefit concessions intended to stave off bankruptcy for the air carrier, a union official said yesterday.

The Air Line Pilots Association joins the Association of Flight Attendants, AFL-CIO, in agreeing to the givebacks.

US Airways is seeking a federally guaranteed loan of $1 billion, but first must seek a nearly equal sum in wage and benefit concessions from workers.

The airline has said it will seek bankruptcy protection if it cannot get the loan and the concessions.

Roy Freundlich, a spokesman for the Air Line Pilots Association, told the Pittsburgh Post-Gazette that negotiators for the union have agreed to $465 million in annual wage and benefit concessions over the next 6 1/2 years.

IN EUROPE

Vivendi's banks agree to EU1 billion loan

Paris >> Vivendi Universal SA got a 1 billion-euro loan ($993 million) from six banks, providing the world's second-biggest media company with enough cash for at least three months.

First Hawaiian Bank parent BNP Paribas SA and the other banks agreed to the loan a week after Vivendi Chief Executive Officer Jean-Marie Messier was ousted, bankers involved in arranging the credit said. Banks hastened Messier's removal by refusing new funds, people familiar with the situation said.

"New management is firmly in charge and taking rapid action," making banks more willing to lend money, said Alia Baig, a fund manager at Axa Investment Managers, which owns 160 billion euros of securities including Vivendi shares. The loan has "bought Vivendi some time," she said.

Vivendi's creditors, which include Societe Generale SA, Citigroup Inc., Credit Lyonnais SA, Credit Suisse Group and Deutsche Bank AG, are also finalizing a further 2.8 billion euros in credit, according to Le Monde newspaper. The company has debts totaling 17 billion euros.