Spirit Airlines Posts First Quarter Loss, Files to Raise Fresh Liquidity

Spirit Airlines (NYSE: SAVE) said late Wednesday that it intends to raise about $130 million in a secondary stock sale and another $150 million via a convertible note offering, the latest airline to move to boost its liquidity in the face of a COVID-19-induced travel slowdown. Spirit has commenced an underwritten public offering of 12 million shares as well as $150 million in convertible notes due in 2025. Spirit and other airlines have seen travel demand fall to near zero due to the pandemic, and the industry does not expect a quick rebound once the virus is contained.