Spirit Aviation Holdings, Inc. (FLYYQ): debt financing — Spirit Airlines closes $600M add-on 8% senior secured notes due 2025, refinances EETC maturities

Spirit Aviation Holdings, Inc.

Issued $600M of 8.00% senior secured notes due Sept 2025; total notes outstanding ~$1.11B.
Proceeds to repay $5.11% 2017-1C EETC (Feb 2023) and $4.93% 2015-1C EETC (Apr 2023) and for general corporate purposes.
Notes secured by loyalty program assets (Free Spirit cash proceeds, Saver$ Club fees) and brand IP.
Indenture requires Spirit to maintain minimum liquidity of $400M at all times.
Notes issued by Spirit IP Cayman and Spirit Loyalty Cayman; guaranteed by parent and Cayman subsidiaries.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Spirit Aviation Holdings, Inc. incurred senior notes of $600 million at 8.00% per annum maturing September 20, 2025.

Instrument: senior notes
Principal: $600 million
Rate: 8.00% per annum
Maturity: September 20, 2025
Event: incurrence

Exact text from the filing

On November 17, 2022, Spirit Airlines, Inc. (the “Company”) announced the completion of the private offering by Spirit IP Cayman Ltd., an indirect wholly-owned subsidiary of the Company (the “Brand Issuer”), and Spirit Loyalty Cayman Ltd., an indirect wholly-owned subsidiary of the Company (the “Loyalty Issuer” and, together with the Brand Issuer, the “Issuers”) of an aggregate of $600 million principal amount of 8.00% senior secured notes due 2025 (the “Additional Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Spirit Aviation Holdings, Inc. entered into First Supplemental Indenture with Wilmington Trust, National Association valued at $600 million (effective 2022-11-17).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $600 million
Effective: 2022-11-17

Exact text from the filing

The Additional Notes were issued pursuant to the Existing Indenture, as supplemented by the First Supplemental Indenture, dated as of November 17, 2022

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10 debt financings filed in the last 30 days. Browse all debt financings →

Spirit Aviation Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001498710-22-000364

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