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Frontier files for planned IPO

Frontier Group Holdings has filed regulatory documents [here] with the US Securities & Exchange Commission (SEC) indicating its intention to launch a long-planned initial public offering (IPO).

The airline group has not indicated when the offering will take place nor the amount of shares it intends to list. Citi, Deutsche Bank, Evercore Partners and JPMorgan are the leading bookrunners for Frontier’s proposed IPO. Frontier would trade under the symbol “FRNT.”

The airline states that it currently expects to use the net proceeds from the offering to fund the expected cash portion of its obligations under the Pilot Phantom Equity Agreement and for general corporate purposes, including cash reserves, working capital, capital expenditures, including flight equipment acquisitions, sales and marketing activities, and general and administrative matters.

Frontier posted a profit of $200 million in 2016 with revenues of $1.7 billion.

Frontier is owned by private-equity firm Indigo Partners, led by Bill Franke, which bought the airline from Republic Airways for $145 million in 2013.

Date: April 3, 2017

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