---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-024735"
form_type: "8-K"
ticker: "ULCC"
cik: "0001670076"
company_name: "Frontier Group Holdings, Inc."
filed_at: "2025-02-12T23:59:59+00:00"
generated_at: "2026-05-26T22:54:54.639138+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Frontier revises Spirit merger proposal: $400M debt + 19% equity, no rights offering

## Summary
- Frontier offers $400M second-lien takeback debt and 19% equity (~52.9M shares) to Spirit stakeholders.
- Proposal eliminates Spirit's $350M equity rights offering; $35M ERO breakup fee waived.
- Spirit counters with $600M first-lien debt and $35M breakup fee; Frontier rejects, sticks to original.
- No agreement reached; Spirit intends to advance standalone Chapter 11 restructuring.
- Correspondence shows unresolved differences on debt priority, break fee, and regulatory termination fee.

## SEC filing metadata
- accession: 0001193125-25-024735
- form_type: 8-K
- ticker: ULCC
- cik: 0001670076
- company_name: Frontier Group Holdings, Inc.
- filed_at: 2025-02-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1670076/000119312525024735/0001193125-25-024735-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1670076/000119312525024735/d918017d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-024735
- JSON: https://secwatch.observer/filing/0001193125-25-024735.json
- Plain text: https://secwatch.observer/filing/0001193125-25-024735.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.