Spirit Airlines, the privately held, Florida-based low-fares specialist, attracted $100 million in new equity to support its transition to an all-Airbus A320 fleet, continue Caribbean and Latin expansion and extend fuel hedging. Its largest investor, Los Angeles-based Oaktree Capital, joined with Spirit management for $70 million of the total and a Goldman Sachs fund came up with the remaining $30 million. When Oaktree took a 51% stake in Spirit in early 2004 the carrier announced it would replace its ageing MD-80 fleet with 35 A320s.

Source: Airline Business

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