By Cristal Cody
Tupelo, Miss., July 28 – Spirit Airlines, Inc. priced $576,581,000 of pass-through certificates on Tuesday in two parts, according to FWP filings with the Securities and Exchange Commission.
Spirit Airlines sold $455,622,000 of 4.1% series 2015-1 class A pass-through certificates due Oct. 1, 2029 (/A/A) at par. The certificates have an initial average life of 8.6 years.
In the second part, the company priced $120,959,000 of 4.45% series 2015-1 class B pass-through certificates due Oct. 1, 2025 (/BBB-/BBB+) at par with an initial average life of 5.5 years.
Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the lead managers. Credit Suisse Securities (USA) LLC was a bookrunner.
Proceeds from the deal will be used to acquire related series of equipment notes to be issued by Spirit Airlines for new aircraft.
Spirit Airlines is a Miramar, Fla.-based low-fare airline service provider.
| Issuer: | Spirit Airlines, Inc.
|
| Amount: | $576,581,000
|
| Securities: | Pass-through certificates
|
| Bookrunners: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead); Credit Suisse Securities (USA) LLC
|
| Trade date: | July 28
|
| Settlement date: | Aug. 11
|
| Distribution: | SEC registered
|
|
|
| Class A certificates
|
| Amount: | $455,622,000
|
| Maturity: | Oct. 1, 2029
|
| Average initial life: | 8.6 years
|
| Coupon: | 4.1%
|
| Price: | Par
|
| Yield: | 4.1%
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: A
|
|
|
| Class B certificates
|
| Amount: | $120,959,000
|
| Maturity: | Oct. 1, 2025
|
| Average initial life: | 5.5 years
|
| Coupon: | 4.45%
|
| Price: | Par
|
| Yield: | 4.45%
|
| Ratings: | Standard & Poor’s: BBB-
|
| Fitch: BBB+
|
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