Loading
20-Sep-2010 2:24 PM

Spirit files for USD300m IPO to repay debts; losses of USD2.8m in 1H2010

Spirit Airlines filed with the US Securities Regulators to raise up to USD300 million in an IPO (Reuters/Bloomberg, 18-Sep-2010). The LCC stated it would retain USD150 million of the net proceeds and use the remaining funds to repay debt and as a termination fee for professional services with Indigo Partners. The carrier reportedly owed USD264 million on notes as of 30-Jun-2010, including principal and accrued and unpaid interest. The carrier added that it posted a net loss of USD2.8 million in the six months ended 30-Jun-2010, compared with a net profit of USD41.5 million in 1H2009, with the results being affected by a pilots strike which hit booking levels.

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More