Spirit Airlines Stirred by $100 Million in New Financing

Spirit Airlines received $100 million of new financing, which the privately held airline said it will use to pay for its accelerated transition to an all-Airbus fleet by early 2007, support its fuel hedging program and bolster its growth plans for Caribbean and Latin American service.

Existing investors are providing $70 million, and a new investor, Goldman Sachs Credit Partners, is providing the other $30 million, Spirit said.

Spirit began implementing a fuel price hedging strategy –essentially pre-purchasing fuel at a set price -- in April, and said it is now 100 percent hedged for the rest of the year. It would not reveal the price it is paying per barrel.

In November, the Fort Lauderdale-based carrier will expand its Caribbean service by adding nonstop flights to New York (LaGuardia) and Orlando to Nassau and from Tampa to Cancun. It also will add Kingston and Montego Bay to its network.