Allegiant Upsizes Senior Secured Notes Offering to $650 Million
Summary
Allegiant Travel Company priced an upsized $650 million offering of 7.125% Senior Secured Notes due 2031. The offering size was increased by $150 million from the previously announced $500 million. Proceeds will refinance $403 million of existing 7.25% notes and provide $247 million in new capital for general corporate purposes. This significant financing provides substantial liquidity and financial flexibility following the recent completion of its Sun Country Airlines acquisition.
At the time of this announcement, ALGT was trading at $86.69 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $42.56 to $118.00. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: PR Newswire.