Spirit Airlines
Airline in the united states
Key facts
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| Legal Name | Spirit Airlines, Inc. |
|---|---|
| Company Operating Status | Active |
| Full Address | 2800 Executive Way Miramar, FL 33025 United States |
| Stock Symbol | SAVE |
| Wikidata ID | Q1190598 |
Capital structure
$954m total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| New Money DIP Loans ยท Superpriority | โ | โ | โ | source โ |
| Exit Revolving Credit Facility ยท Senior Secured | โ | โ | USD 275m | source โ |
| Prepetition Revolving Credit Facility ยท Secured | โ | โ | โ | source โ |
| Prepetition RCF Claims (Allowed Amount) ยท Secured | โ | โ | USD 275m | source โ |
| Reinstated Revolving Credit Facility ยท Secured | โ | โ | USD 200m | source โ |
| Contingent Roll-Up Term Loans ยท Secured | โ | โ | USD 204m | source โ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Permitted Variances ยท Financial โ Budget | Unfavorable variance not to exceed 10% for aggregate operating receipts and 10% for aggregate operating disbursements, each based on a trailing four-week period | source โ | |
| Milestone โ $150M Cash Prepayment ยท Milestone | No later than two Business Days following the Agreement Effective Date, the Debtors shall use $150 million of Encumbered Cash to prepay Term Loans and accrued interest | source โ | |
| Milestone โ Plan and Disclosure Statement Filing ยท Milestone | No later than two Business Days after the Agreement Effective Date, the Company shall file the Plan, Disclosure Statement, and Solicitation Procedures Motion | source โ | |
| Milestone โ Solicitation Procedures Order ยท Milestone | No later than April 30, 2026, the Bankruptcy Court shall have entered the Solicitation Procedures Order | source โ | |
| Milestone โ Confirmation Order ยท Milestone | No later than June 15, 2026, the Bankruptcy Court shall have entered the Confirmation Order | source โ | |
| Restriction on Alternative Restructuring Proposals ยท Negative Covenant | Consenting DIP Lenders shall not seek, solicit, propose, support, engage in negotiations with or participate in formulation of any Alternative Restructuring Proposal | source โ | |
| Exit Term Loan Mandatory Prepayment at 12 Months ยท Mandatory Prepayment | Mandatory prepayment of Exit Term Loans in an amount to be mutually agreed on the date that is twelve months after the Closing Date | source โ | |
| Encumbered Cash Minimum (Initial) ยท Liquidity / Cash | Debtors must maintain at all times not less than $239 million in the Encumbered Accounts | source โ |
Contact details
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