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Spirit Airlines Secures $300 Million, Extends Debt Deadline to December, Shares Surge 45% from Record Low

Oct 21, 2024, 12:32 PM

Spirit Airlines has been granted an extension on its debt refinancing deadline, moving it from October 21 to December 23. This extension provides the budget carrier additional time to address its significant debt bill due in 2025, potentially averting bankruptcy. The company has borrowed the entire $300 million available under a senior secured credit facility due in September 2026. Following the announcement, Spirit Airlines' shares saw a significant increase, jumping 45% as investors reacted positively to the news. Prior to the extension, Spirit Airlines shares had hit a record low and were up 36.1% pre-market.