Milbank advised the initial purchasers in connection with a Rule 144A/Regulation S offering of $850 million aggregate principal amount of 8% senior notes due 2025 by two indirect, wholly owned subsidiaries of Spirit Airlines, Inc. (“Spirit”).
The notes are guaranteed by Spirit and certain subsidiaries of Spirit. The notes are secured by, among other things, a first priority lien on the core assets of Spirit’s loyalty programs (comprised of cash proceeds from its Free Spirit co-branded credit card programs, its $9 Fare Club program membership fees and intellectual property utilized in connection with the loyalty programs) as well as Spirit’s brand intellectual property.
The Milbank Alternative Investment team included partner Sean M. Solis and associates Brian Troxler, Ben Kastner and Nicole Martin. The Milbank Transportation & Space team included partner Jim Pascale and associate Zachary Cronin. The Milbank Capital Markets team included partners Brett Nadritch and Jonathon Jackson, and associates Theo Hart, Alex Youssef and Gahee Lee. The Milbank Financial Restructuring team included partners Gerard Uzzi and Nelly Almeida and associate Rachelle Rubin. The Milbank Intellectual Property team included special counsel Nathaniel T. Browand.
