Spirit Airlines (SAVE) shares soared more than 65% in recent Monday trading after the company said it entered into a deal that provides it a two-month extension of a debt refinancing deadline until Dec. 23.
The budget carrier reached a deal that modified its existing credit card processing agreement with the US Bank, giving it extra time in refinancing its notes maturing next year. The previous deadline was Oct. 21.
The company also said it expects to have more than $1 billion in liquidity by the end of this year, including unrestricted cash and cash equivalents, short-term investment securities, and proceeds from liquidity initiatives.
Spirit also said it had borrowed the full amount of $300 million available under a revolving credit facility that will mature on Sept. 30, 2026.
Price: 2.43, Change: +0.96, Percent Change: +65.24
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