Spirit Airlines Enters Material Definitive Agreement

TL;DR

Spirit Airlines just signed a big deal, details TBD.

AI Summary

Spirit Airlines, Inc. filed an 8-K on September 10, 2024, reporting an entry into a material definitive agreement on September 9, 2024. The filing does not disclose specific details of the agreement but indicates a significant event for the company.

Why It Matters

This filing signals a significant new contract or partnership for Spirit Airlines, which could impact its operational strategy and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the 8-K regarding the material definitive agreement introduces uncertainty about its nature and potential impact.

Key Players & Entities

• Spirit Airlines, Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• September 10, 2024 (date) — Date of Report
• September 9, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value SAVE New York Stock Exchange

Filing Documents

• save-20240909.htm (8-K) — 23KB
• 0001498710-24-000202.txt ( ) — 144KB
• save-20240909.xsd (EX-101.SCH) — 2KB
• save-20240909_lab.xml (EX-101.LAB) — 22KB
• save-20240909_pre.xml (EX-101.PRE) — 12KB
• save-20240909_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Elavon Agreement As previously disclosed, on May 21, 2009, Spirit Airlines, Inc. (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 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 are not extended or refinanced by September 20, 2024 (the "2025 Notes Extension Deadline"), in a specified minimum outstanding principal amount thereof, then the term will revert to the prior expiration of December 31, 2024 (with no automatic extensions). On September 9, 2024, the Company entered into a letter agreement (the "Amendment") which modifies the existing Card Processing Agreement to extend the 2025 Notes Extension Deadline from September 20, 2024 to October 21, 2024. Additional terms of the Card Processing Agreement (other than those superseded by the 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 SEC on September 14, 2011 and July 9, 2024, 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 Amendment, a copy

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 10, 2024 SPIRIT AIRLINES, INC. By: /s/ Thomas Canfield Name: Thomas Canfield Title: Senior Vice President and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR