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Feb 19, 2003
Frontier Airlines Provides Additional Details on $70 Million Term Loan
DENVER (Feb. 19, 2003) After closing on a $70 million commercial loan facility supported by a guarantee of the Air Transportation Stabilization Board (ATSB) last Friday, Feb. 14, 2003, Frontier Airlines (Nasdaq: FRNT) today provided additional details on that transaction in a form 8-K filed with the Securities and Exchange Commission. In addition, Frontier President and Chief Executive Officer Jeff Potter and other members of senior management will host a webcast conference call on Friday, Feb. 21, 2003 at 8:00 a.m. MST to discuss the loan. The call is available via the World Wide Web on the airlines Web site at www.frontierairlines.com on the Investor Relations page.
Highlights from the airlines form 8-K, filed today, include the following:
The loan was provided primarily by WestLB AG, with participation by
Wells Fargo Bank, N.A., with a term of just over 52 months and a final maturity
date of June 30, 2007. Repayment is to be completed through 14 consecutive quarterly
installments of approximately $2.6 million, with the first installment due on
Dec. 31, 2003, and a final balloon payment of $33 million due on the final maturity
Additional details on each of the above points and further information relating to the loan can be found in the airlines form 8-K filed today, February 19, 2003.
Denver-based Frontier Airlines employs approximately 3,100 aviation professionals and is the second largest jet service carrier at Denver International Airport. Frontier and its regional jet partner Frontier JetExpress offer service to 39 cities. Frontiers fleet consists of 37 aircraft, which feature a single-class configuration. In 2002, for the fourth consecutive year, Frontier's maintenance and engineering department has received the Federal Aviation Administration's highest award, the Diamond Certificate of Excellence. This award signifies 100 percent of the airlines maintenance and engineering employees have completed advanced aircraft maintenance training programs. In April 2002, Entrepreneur ranked Frontier one of two "Best Low-Fare Airlines. Frontier provides capacity information and other operating statistics on its Web site, which may be viewed at www.frontierairlines.com.