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Spirit Airlines raises conversion rates of 4.75%, 1% convertibles
By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Spirit Airlines Inc. raised the conversion rates of its 4.75% convertible senior notes due 2025 and 1% convertible senior notes due 2026, according to an 8-K filing with the Securities and Exchange Commission.
On Oct. 26, JetBlue Airways Corp. paid $2.50 in cash per outstanding share of Spirit’s common stock to Spirit’s stockholders of record on Sept. 12 as a merger consideration prepayment.
Additionally, on Jan. 13, JetBlue announced that it will pay $0.10 in cash per outstanding share of common stock on Jan. 31, 2023 to Spirit’s stockholders of record on Jan. 25 as a prepayment of merger consideration.
As a result, the conversion rate of the 2025 notes has been adjusted to 88.7598 shares from 78.4314 shares of common stock per $1,000 principal amount and the conversion rate of the 2026 notes has been adjusted to 23.0627 shares from 20.3791 shares of common stock per $1,000 principal amount.
Spirit Airlines is a Miramar, Fla.-based airline.
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