The plan going forward
07-07-2024, 07:51 PM
#221
Gets Weekends Off
Joined APC: Feb 2019
Position: baller, shot caller
Posts: 1,012
Nice try tho...
07-09-2024, 01:13 PM
#223
Gets Weekends Off
Joined APC: Jul 2023
Posts: 343
spirit airlines - amendment modifies revolving credit facility to extend final maturity to sept 30, 2026 based on conditions
https://x.com/firstsquawk/status/181...uaH7ANbA9WAGoA
https://x.com/firstsquawk/status/181...uaH7ANbA9WAGoA
07-09-2024, 03:26 PM
#224
Gets Weekends Off
Joined APC: Jan 2023
Posts: 186
Per todays 8-K filing with the SEC:
“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.”
“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.”
07-09-2024, 06:50 PM
#227
Gets Weekends Off
Joined APC: Jul 2019
Posts: 484
07-09-2024, 08:24 PM
#228
Line holder
Joined APC: Nov 2013
Position: On the bus,seat 0A
Posts: 3,330
Sounds like they are trying to delay the date that money is due. And unless this deal is different from every other deal with a bank on on the planet, that will mean additional fees/penalties/interest/dues.
So basically, they are spending the time filling potholes, by digging even bigger ones just a few steps further on that same road. No plan to find filler material anywhere else, no plan to look for a better road.
So basically, they are spending the time filling potholes, by digging even bigger ones just a few steps further on that same road. No plan to find filler material anywhere else, no plan to look for a better road.
07-09-2024, 08:56 PM
#229
Line Holder
Joined APC: Nov 2022
Posts: 49
Spirit: "Hey bank, we need to update our paperwork to remove Jetblue's name from it... that was crazy wasn't it? oh well, it's about the friends we make along the way right? he he."
Bank: "yeah, we've been meaning to talk to you about that, are you going to be able to pay us back?"
Spirit: "Hell yeah, we're furloughing hundres of pilots, also we just gave our selves massive raises, and we just opened that sicccccckkkk $200 million dollar facility so we can be super focused"
Bank: "I don't see how that..."
Spirit: " Hey while we have you, can we pay you back...like later?"
Bank: "Don't you owe even more money to someone else thats due in 2025 and 2026? how are you going to pay them back and us back?"
Spirit: "....We're working on that part"
Bank: "Look, if you can somehow find yourself out of that mess we'll give you a couple more months, but if they say no, we want our money back ASAP"
Spirit: "You SOB, I'm in."
07-10-2024, 08:18 PM
#230
In a land of unicorns
Joined APC: Apr 2014
Position: Whale FO
Posts: 6,596
Quote taken from yesterdays 8K filing:
”…the Compensation Committee of the Company’s Board of Directors also approved adjustments to other named executive officers, effective July 1, 2024, as follows: (i) for Mr. Ted Christie, President and CEO, annual base salary will be increased to $950,000; (ii) for Mr. John Bendoraitis, Executive Vice President and Chief Operating Officer, annual base salary will increase to $650,000, annual target short-term incentive (“STI”) will increase to 100% of base salary, and annual target LTI grant value will increase to $1,500,000; (iii) for Mr. Matthew Klein, Executive Vice President and Chief Commercial Officer, annual base salary will increase to $525,000, annual target STI will increase to 100% of base salary, and annual target LTI grant value will increase to $1,250,000; and for Mr. Rocky Wiggins, Senior Vice President and Chief Information Officer, annual base salary will increase to $500,000, annual target STI will increase to 80% of base salary, and annual target LTI grant value will increase to $750,000.”
”…the Compensation Committee of the Company’s Board of Directors also approved adjustments to other named executive officers, effective July 1, 2024, as follows: (i) for Mr. Ted Christie, President and CEO, annual base salary will be increased to $950,000; (ii) for Mr. John Bendoraitis, Executive Vice President and Chief Operating Officer, annual base salary will increase to $650,000, annual target short-term incentive (“STI”) will increase to 100% of base salary, and annual target LTI grant value will increase to $1,500,000; (iii) for Mr. Matthew Klein, Executive Vice President and Chief Commercial Officer, annual base salary will increase to $525,000, annual target STI will increase to 100% of base salary, and annual target LTI grant value will increase to $1,250,000; and for Mr. Rocky Wiggins, Senior Vice President and Chief Information Officer, annual base salary will increase to $500,000, annual target STI will increase to 80% of base salary, and annual target LTI grant value will increase to $750,000.”
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