Spirit Airlines up 30% after extending 2025 notes extension deadline

Shares of Spirit Airlines (SAVE) are up 30% afterhours at $1.92 as the company states in an 8-K filing: “As previously disclosed, on May 21, 2009, Spirit Airlines, Inc. entered into a Signatory Agreement with U.S. Bank National Association, 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 modified the Card Processing Agreement 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 were not extended or refinanced by September 20, 2024, in a specified minimum outstanding principal amount thereof, then the term would revert to the prior expiration of December 31, 2024. On September 9, 2024, the Company entered into a letter agreement which modified the existing Card Processing Agreement to extend the 2025 Notes Extension Deadline from September 20, 2024 to October 21, 2024. On October 11, 2024, the Company entered into a letter agreement which modifies the existing Card Processing Agreement to extend (i) the 2025 Notes Extension Deadline from October 21, 2024 to December 23, 2024 and (ii) the Early Maturity Date from December 31, 2024 to March 3, 2025.”