MIRAMAR, Fla., May 26, 2011 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) announced today that it has priced its initial public offering of 15,600,000 shares of common stock at a public offering price of $12.00 per share. Certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,340,000 shares of common stock to cover overallotments, if any. The common stock will begin trading on The NASDAQ Global Select Market on May 26, 2011 under the symbol "SAVE". Proceeds from the offering to the company are expected to be approximately $171.0 million after deducting the underwriting discounts and commissions and estimated offering expenses payable.
Citi and Morgan Stanley acted as joint bookrunners for the offering. Barclays Capital, Raymond James and Dahlman Rose & Company served as co-managers.
The initial public offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from Citi, c/o Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or by emailing batprospectusdept@citi.com, or from Morgan Stanley, c/o Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014 or by emailing prospectus@morganstanley.com.
A registration statement relating to these shares of Spirit Airlines common stock filed with the U.S. Securities and Exchange Commission was declared effective on May 25, 2011. Copies of the registration statement, as amended, can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of shares of Spirit Airlines common stock in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Spirit Airlines
Spirit Airlines is an ultra-low cost, low-fare carrier that provides affordable travel opportunities in the United States, Caribbean and Latin America. Its all-Airbus fleet flies daily flights to over 40 destinations. The company is based in South Florida.
The Spirit Airlines logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9737