Howard Marks’ Oaktree Capital disclosed on January 3rd that it now has approximately 22.46 million shares in Spirit Airlines, Inc. (SAVE), corresponding to a 30.95% activist stake ownership. The amount of shares was unchanged from the firm’s position at the end of the third quarter. Oaktree Capital also revealed that it entered into a Stock Distribution and Assignment Agreement with POF Spirit Domestic Holdings and their members. (see the filing here) Several stock allocations were changed after the transfer.
Oaktree Capital is a global investment management firm. The firm has an approximately $7.35 billion portfolio under management. The firm focuses on a limited number of sophisticated investment specialties, and is involved in less efficient markets and alternative investments. The firm mainly invests in Services, Basic Materials, Technology, and Financial sector.
Spirit Airlines, Inc. is “an ultra low-cost, low-fare airline based in Fort Lauderdale, Florida that provides ravel opportunities principally to and from South Florida, the Caribbean and Latin America. The Company’s business model provides a product offering that combines very low base fares with transparent pricing. Its base fare provides everything necessary for a safe flight but excludes extra services that some passengers may want to purchase, such as baggage, telephone booking, premium seat or advance seat selection, and food, beverages and other onboard items”, according to Google Finance.