Spirit Airlines has announced it has priced its underwritten public offering of 17.5 million shares of its common stock at a public offering price of US$10 per share and its underwritten public offering of US$175 million aggregate principal amount of 4.75% convertible senior notes due 2025. The size of the Common Stock Offering was increased from the previously announced 12 million shares of common stock of Spirit, and the aggregate principal amount of the Convertible Notes Offering was increased from the previously announced US$150 million. The net proceeds to Spirit from the Common Stock Offering and the Convertible Notes Offering, after deducting underwriting discounts and other offering expenses, are expected to be approximately US$335.575 million.
Latham & Watkins LLP represented the underwriters in the offering with a corporate team led by New York partners Greg Rodgers and Erika Weinberg, with counsel Arash Aminian Baghai and associates Will Clark, Sandy Kugbei, Sofia Sitterson, and Ryan Gold. Advice was also provided on tax matters by New York partner Elena Romanova, with associates Aaron Bernstein and Ron Moore.