Frontier IPO Presentation Deck
Post-COVID Debt Burden has Potential to Widen Cost Advantage
Principal and Interest Payments from
Incremental Debt Issued During the Pandemic,
per Passenger ($)
1
16
Other Airlines
Other U.S. airlines added approximately
$58 billion of debt to their balance sheets
due to COVID-19
• Interest expense will burden those who
borrowed heavily, providing an opportunity
for Frontier to expand its relative cost
advantage
Note: Incremental debt reflects debt raised during 2020 from public filings as of 12/31/20; Principal and interest payment per passenger reflects the average annual payment
assuming 5 years amortization and 2019 passenger count; Other airlines include Big 4, Middle 3, Spirit and Allegiant; Source: Respective companies' public filings
FRONTIER
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