Spirit Airlines in $183 Million Secondary Offering

Cleary Gottlieb represented Barclays, Morgan Stanley and Citigroup as representatives of the underwriters in the registered follow-on offering of shares of common stock of Spirit Airlines.

The deal priced on January 19 and closed on January 25. The offering price to the public was $14.50 per share. The selling stockholders, including affiliates of Oaktree Capital Management and Indigo Partners and certain directors and executive officers of the company, offered 11,000,000 shares of common stock and Oaktree and Indigo offered an additional 1,650,000 shares of common stock to cover over-allotments. The underwriters exercised their over-allotment option in full shortly after pricing. The common stock is listed on The NASDAQ Global Select Market under the symbol “SAVE”. The company did not sell any shares or receive any proceeds from the offering. Cleary Gottlieb acted as counsel to the underwriters in the Spirit Airlines IPO in June 2011.

Spirit Airlines is an ultra-low cost, low-fare carrier based in South Florida that provides affordable travel opportunities in the United States, the Caribbean and Latin America.