Spirit Airlines plans $300M IPO to pay debt
Budget carrier Spirit Airlines Inc. has filed plans to hold an initial public offering. With IPO of up to $300 million the carrier is expected to retain about 50% of the net proceeds.
Wall Street Journal reports that according to the company's regulatory filing, it expects to retain $150 million from the offering. The remaining proceeds will be used to pay a $1.6 million termination fee with Indigo Partners LLC, which acquired a majority stake in Spirit in 2006. Other proceeds will be used to repay outstanding notes.