Spirit Airlines’ $420 million offering of enhanced equipment trust certificates (EETC)


White & Case LLP has advised Morgan Stanley, Citigroup Global Markets, Inc., Goldman Sachs and Barclays, as underwriters, in the recent US$420 million offering of enhanced equipment trust certificates (EETC) by Spirit Airlines, the Florida-based ultra-low-cost carrier.

The proceeds will be used by the airline to meet its financing needs for 12 Airbus aircraft scheduled to be delivered over the next 12 months.

This is the second time that Spirit Airlines accessed the EETC market following its 2015 inaugural offering that White & Case also worked on as counsel to the underwriters. EETCs are commonly used by US and international airlines to finance aircraft acquisitions.

White & Case advised with a team including Ji Hoon Hong (Picture), Gary Kashar and Mårten Olsson.

Involved fees earner: Ji Hoon Hong – White & Case; Gary Kashar – White & Case; Mårten Olsson – White & Case;

Law Firms: White & Case;

Clients: Barclays Bank; Citigroup Global Markets Ltd; Goldman, Sachs & Co.; Morgan Stanley;

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Author: Ambrogio Visconti