Spirit Airlines Draws Entire $275m Revolver, Extends Card Deal

Spirit Airlines borrowed the full $275m available under its revolver and extended its credit card processing agreement with US Bank National Association through 2027.

• Amended credit card processing deal with USB extended to Dec. 31, 2027
  • Spirit transferred extra $50m cash to pledged account
  • US Bank can hold back up to $3m/day until exposure fully collateralized

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