Spirit Airlines Announces Pricing of Upsized Offering of Senior Secured Notes by Brand and Loyalty Subsidiaries
September 02 2020 - 11:23AM
Spirit Airlines, Inc. (NYSE: SAVE)(“Spirit”) today announced
the pricing and upsize of the previously announced private offering
by Spirit IP Cayman Ltd. (the “Brand IP Issuer”) and Spirit Loyalty
Cayman Ltd. (the “Loyalty IP Issuer” and, together with the Brand
IP Issuer, the “Issuers”), each a Cayman Islands exempted company
incorporated with limited liability and an indirect wholly-owned
subsidiary of Spirit. An aggregate of $850 million in principal
amount of 8.00% senior secured notes due 2025 (the “Notes”) is
expected to be issued on September 17, 2020, subject to customary
closing conditions. The offering was upsized to $850 million from
the originally announced aggregate principal amount of $600
million.
This press release does not constitute an offer to
sell or a solicitation of an offer to buy the Notes or any other
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to the registration and qualification under
the securities laws of such state or jurisdiction. The Notes are
being offered only to persons reasonably believed to be “qualified
institutional buyers” in an offering exempt from registration in
reliance on Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and outside the United States in reliance
on Regulation S under the Securities Act. The Notes will not be
registered under the Securities Act or any state securities laws
and may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements of the Securities Act or any applicable state
securities laws.
Forward-Looking Statements
Statements in this release contain various
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), which are subject to the “safe harbor” created by
those sections. Forward-looking statements are based on our
management’s beliefs and assumptions and on information currently
available to our management. All statements other than statements
of historical facts are “forward-looking statements” for purposes
of these provisions. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “could,” “would,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “project,” “predict,” “potential,” and
similar expressions intended to identify forward-looking
statements. Forward-looking statements include, without limitation,
statements related to the proposed terms of the offering described
herein, the completion, timing, and size of the proposed offering,
and the anticipated use of proceeds from the offering. Such
forward-looking statements are subject to risks, uncertainties and
other important factors that could cause actual results and the
timing of certain events to differ materially from future results
expressed or implied by such forward-looking statements. Factors
include, among others, the extent of the impact of the COVID-19
pandemic on Spirit’s business, results of operations and financial
condition, and the extent of the impact of the COVID-19 pandemic on
overall demand for air travel, restrictions on Spirit’s business by
accepting financing under the CARES Act, the competitive
environment in our industry, our ability to keep costs low and the
impact of worldwide economic conditions, including the impact of
economic cycles or downturns on customer travel behavior, and other
factors, as described in Spirit’s filings with the Securities and
Exchange Commission, including the detailed factors discussed under
the heading “Risk Factors” in Spirit’s amended Annual Report on
Form 10-K/A for the fiscal year ended December 31, 2019, as
supplemented in the Company’s Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2020 and the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2020.
Furthermore, such forward-looking statements speak only as of the
date of this release. Except as required by law, we undertake no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. Risks or
uncertainties (i) that are not currently known to us, (ii) that we
currently deem to be immaterial, or (iii) that could apply to any
company, could also materially adversely affect our business,
financial condition, or future results.
About Spirit Airlines:
Spirit Airlines (NYSE: SAVE) is committed to
delivering the best value in the sky. We are the leader in
providing customizable travel options starting with an unbundled
fare. This allows our Guests to pay only for the options they
choose — like bags, seat assignments and refreshments — something
we call À La Smarte. We make it possible for our Guests to venture
further and discover more than ever before. Our Fit Fleet® is one
of the youngest and most fuel-efficient in the U.S. We serve
destinations throughout the U.S., Latin America and the Caribbean
and are dedicated to giving back and improving those communities.
Come save with us at spirit.com. At Spirit Airlines, we go. We go
for you.
Investor Relations Contact:Investor
RelationsInvestorrelations@spirit.com(954) 447-7920 |
Media
Contact:Spirit Media
RelationsMedia_Relations@spirit.com(954) 364-0231 |
Spirit Airlines (NYSE:SAVE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Spirit Airlines (NYSE:SAVE)
Historical Stock Chart
From Apr 2023 to Apr 2024