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Spirit Airlines announces sale of common stock by Indigo, change in board directors

30-Jul-2013 8:00 AM

Spirit Airlines announced (29-Jul-2013) the public offering of 12.07 million shares of common stock by certain existing stockholders affiliated with Indigo Partners LLC. Upon completion of the offering, investment funds affiliated with Indigo will no longer own shares of common stock of Spirit Airlines. The company will not receive any proceeds from this offering. Barclays is acting as the sole underwriter for the offering. In connection with the offering, the company also announced that Messrs William A Franke and John R Wilson have informed the company that upon completion of the offering, they expect to resign as directors at the next board meeting, presently scheduled for 07-Aug-2013. Upon Mr Franke's resignation, the company's board intends to elect H McIntyre Gardner, a director since 2010, as chairman of the Board. [more - original PR