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Denver's Frontier Airlines eyes second-quarter public listing bid
DENVER-BASED budget carrier Frontier Airlines is planning a public listing in the second quarter, reports Bloomberg News.
Citing people with knowledge of the matter, Bloomberg said JPMorgan Chase, Deutsche Bank, Citigroup and Evercore Partners are the leading underwriters on the deal.
Barclays, once poised to lead the IPO, will now have a more passive role after the departure of its airline analyst, the people said.
Frontier, owned by private equity firm Indigo Partners, first began talks with banks about going public in December 2015.
Spokesmen for Frontier, Indigo Partners and Evercore didn't immediately respond to requests for comment. Representatives of JPMorgan, Deutsche Bank, Citi and Barclays declined to comment.
Indigo is led by veteran airline executive William Franke, who has extensive experience overseeing discount carriers. The firm once controlled Spirit Airlines, which went public in 2011, and is the largest shareholder in Wizz Air Holdings, a low-fare operator in Eastern Europe.
Frontier operates a fleet of Airbus Group SE jets on more than 275 daily flights within the US and to Mexico and Jamaica. Indigo acquired the Denver-based airline from Republic Airways Holdings for US$36 million in cash. The total transaction value was $145 million including debt.
Frontier has changed hands twice since filing for bankruptcy protection in April 2008. Republic bought the carrier in October 2009 for $108.8 million, agreeing not to pursue a $150 million unsecured bankruptcy claim.
Citing people with knowledge of the matter, Bloomberg said JPMorgan Chase, Deutsche Bank, Citigroup and Evercore Partners are the leading underwriters on the deal.
Barclays, once poised to lead the IPO, will now have a more passive role after the departure of its airline analyst, the people said.
Frontier, owned by private equity firm Indigo Partners, first began talks with banks about going public in December 2015.
Spokesmen for Frontier, Indigo Partners and Evercore didn't immediately respond to requests for comment. Representatives of JPMorgan, Deutsche Bank, Citi and Barclays declined to comment.
Indigo is led by veteran airline executive William Franke, who has extensive experience overseeing discount carriers. The firm once controlled Spirit Airlines, which went public in 2011, and is the largest shareholder in Wizz Air Holdings, a low-fare operator in Eastern Europe.
Frontier operates a fleet of Airbus Group SE jets on more than 275 daily flights within the US and to Mexico and Jamaica. Indigo acquired the Denver-based airline from Republic Airways Holdings for US$36 million in cash. The total transaction value was $145 million including debt.
Frontier has changed hands twice since filing for bankruptcy protection in April 2008. Republic bought the carrier in October 2009 for $108.8 million, agreeing not to pursue a $150 million unsecured bankruptcy claim.
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