Spirit Airlines Flying on Debt Refinancing Extension

October 21, 2024

DENVER, Colo., Oct 21, 2024 (247marketnews.com)- Spirit Airlines (NYSE: SAVE) published a form 8-K on Friday stating it reached an agreement with U.S. Bank National Association that extends their $1.1 billion loyalty bonds debt refinancing deadline from Oct. 21 until Dec. 23.

The regulatory filing further stated, “On October 15, 2024, the Company borrowed the entire available amount of $300.0 million under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will mature on September 30, 2026; provided that if the Company’s senior secured notes due 2025 are not extended or refinanced by June 20, 2025, or the Company’s convertible senior notes due 2026 are not extended or refinanced by February 12, 2026, in each case in a specified minimum outstanding principal amount thereof, then the maturity will be automatically shortened to June 21, 2025 or February 13, 2026, respectively.

“As previously disclosed, the Company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities.

“Consistent with its previously provided guidance, the Company expects to end the year 2024 with over $1.0 billion of liquidity, including unrestricted cash and cash equivalents, short-term investment securities and additional liquidity initiatives, assuming that the Company is able to close those initiatives that are currently in process.”

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