| Item 1.01. |
Entry into a Material Definitive Agreement. |
Revolving Credit Facility
As previously disclosed, on March 30, 2020, Spirit Airlines, Inc. (the “Company”) entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) with the lenders party thereto, Citibank, N.A., acting as the administrative agent, and Wilmington Trust, National Association, acting as the collateral agent.
On July 2, 2024, the Company entered into the Fourth Amendment to Credit and Guaranty Agreement (the “Revolver Amendment”), which modifies the Revolving Credit Facility to, among other things, (i) remove provisions relating to the terminated merger with JetBlue Airways Corporation and (ii) extend the final maturity of the Revolving Credit Facility to 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 facility expiration will be automatically shortened to June 21, 2025 or February 13, 2026, respectively.
Additional terms of the Revolving Credit Facility (other than those superseded by the Revolver Amendment) are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2020, November 21, 2022 and November 14, 2023, respectively, which descriptions are incorporated herein by reference.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Revolver Amendment, a copy of which will be filed with the Company’s quarterly report on Form 10-Q.
Elavon Agreement
As previously disclosed, on May 21, 2009, the Company entered into a Signatory Agreement (U.S. VISA and MasterCard Transactions) with U.S. Bank National Association (the “Card Processing Agreement”), pursuant to which U.S. Bank National Association processes certain payments made to the Company using credit cards bearing the service mark of Visa International, Visa U.S.A. Inc. or MasterCard International Incorporated.
On July 2, 2024, the Company entered into a letter agreement which modifies the existing Card Processing Agreement (the “Elavon Amendment”) to, among other things, extend the term thereof until December 31, 2025, including automatic extensions for two successive one-year terms (subject to the right of either party to opt out of any extension term by written notice to the other within a specified period of time prior to the commencement of any extension term); provided that if the Company’s senior secured notes due 2025 are not extended or refinanced by September 20, 2024, in a specified minimum outstanding principal amount thereof, then the term will automatically revert to the current expiration of December 31, 2024 (with no automatic extensions).
Additional terms of the Card Processing Agreement (other than those superseded by the Elavon Amendment) are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s Current Report on Form 8-K filed with the SEC on September 14, 2011, respectively, which descriptions are incorporated herein by reference.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Elavon Amendment, a copy of which will be filed with the Company’s quarterly report on Form 10-Q.