Allegiant prices upsized $650M secured notes
Allegiant Travel Company has agreed to sell $650.0 million of 7.125% Senior Secured Notes due 2031 in a private offering, upsized by $150.0 million from a previously announced $500.0 million deal.
Rhea-AI Filing Summary
Allegiant Travel Company has agreed to sell $650.0 million of 7.125% Senior Secured Notes due 2031 in a private offering, upsized by $150.0 million from a previously announced $500.0 million deal. The notes are priced at 99.479% of principal and are expected to be issued on June 24, 2026, subject to customary closing conditions.
Subsidiaries of Allegiant, other than Dustland, LLC and certain insignificant subsidiaries, will guarantee the notes, which will be secured by substantially all property and assets of Allegiant and the guarantors, excluding aircraft, engines, real estate and certain other assets. Allegiant plans to use the net proceeds to refinance in full its existing $403.0 million 7.25% Senior Secured Notes due 2027, including related costs and interest, with the remaining funds for general corporate purposes.
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Insights
Allegiant refinances 2027 secured notes with larger 2031 issue.
Allegiant is issuing $650.0 million of 7.125% Senior Secured Notes due 2031, upsized from $500.0 million. Pricing at 99.479% implies a modest original issue discount, typical for secured high-yield style debt.
The company intends to refinance its existing $403.0 million 7.25% Senior Secured Notes due 2027, extending maturities by four years while slightly lowering the coupon. The transaction also leaves incremental net proceeds for general corporate purposes, which may modestly increase gross debt.
The notes will be guaranteed by most subsidiaries and secured on substantially all assets other than aircraft, engines, real property and certain other assets. Some collateral currently supports the existing notes and a $150.0 million undrawn revolver, so investors may focus on how lien priorities and covenants are structured in the final documentation.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
New notes size: $650.0 million aggregate principal
Coupon rate: 7.125%
Offering price: 99.479% of principal
+5 more
8 metrics
New notes size
$650.0 million aggregate principal
7.125% Senior Secured Notes due 2031
Coupon rate
7.125%
Interest rate on new Senior Secured Notes
Offering price
99.479% of principal
Pricing of new notes in private offering
Upsize amount
$150.0 million
Increase from prior $500.0 million offering size
Existing notes refinanced
$403.0 million
7.25% Senior Secured Notes due 2027
Revolving credit facility
$150.0 million
Currently undrawn secured revolver
Annual customers served
Approximately 22 million
Allegiant and Sun Country airline operations
Route network
More than 650 routes, nearly 175 cities
U.S. and select international destinations
Key Terms
Senior Secured Notes, Rule 144A, Regulation S, revolving credit facility, +1 more
5 terms
Senior Secured Notes financial
"7.125% Senior Secured Notes due 2031 (the “Notes”)"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
Rule 144A regulatory
"qualified institutional buyers in reliance on Rule 144A under the Securities Act"
Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.
Regulation S regulatory
"non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act"
Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.
revolving credit facility financial
"as well as a currently undrawn $150.0 million revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
Collateral financial
"excluding aircraft, aircraft engines, real property and certain other assets (the “Collateral”)"
Collateral is an asset a borrower pledges to a lender as security for a loan; if the borrower fails to repay, the lender can take the asset to recover losses. For investors, collateral matters because it reduces lender risk, influences interest rates and loan terms, and determines who gets paid first if a company faces financial trouble—think of it like a pawned item that gives the lender extra protection.
FAQ
What type of debt is Allegiant Travel Company (ALGT) issuing?
Allegiant is issuing $650.0 million of 7.125% Senior Secured Notes due 2031 in a private offering. The notes are secured by substantially all company and guarantor assets, excluding aircraft, engines, real property and certain other assets.
How large is Allegiant’s new notes offering and how was it changed?
Allegiant’s new notes offering totals $650.0 million in aggregate principal amount. The deal was increased by $150.0 million from a previously announced $500.0 million size, reflecting a decision to raise additional secured debt capital.
What will Allegiant (ALGT) do with the proceeds from the $650 million notes?
Allegiant plans to use net proceeds to refinance in full $403.0 million of 7.25% Senior Secured Notes due 2027, including interest, fees and related amounts, and apply the remaining funds toward general corporate purposes.
When are Allegiant’s new 7.125% Senior Secured Notes expected to be issued?
The new notes are expected to be issued on June 24, 2026, subject to customary closing conditions. Until that closing, the transaction remains conditional, but the pricing and size have been agreed with investors.
Who can buy Allegiant Travel Company’s new senior secured notes?
The notes and guarantees are being sold only to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S. They are not registered under the Securities Act or other jurisdictional securities laws.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 2026
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Registrant’s telephone number, including area code: (702 ) 851-7300
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On June 9, 2026, the Company announced that it has agreed to sell $650.0 million in aggregate principal amount of its 7.125% Senior Secured Notes due 2031 (the
“Notes”) at an offering price of 99.479% of their principal amount to investors in a private offering. The size of the offering was increased by $150.0 million from the previously announced offering size of $500.0 million. The Notes are expected to
be issued on June 24, 2026, subject to customary closing conditions.
The Company’s press release announcing the pricing of the Notes is attached hereto as Exhibit 99.1 and incorporated by reference herein.
This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer to sell or
solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in contravention of applicable law. The Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of
any other jurisdiction. The Notes and the related guarantees are being offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons in
offshore transactions in reliance on Regulation S under the Securities Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description of Document
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99.1
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Press Release of Allegiant Travel Company, issued June 9, 2026
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Exchange Act, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: June 9, 2026
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ALLEGIANT TRAVEL COMPANY
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By:
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/s/ Robert J. Neal
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Name:
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Robert J. Neal
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Title:
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President, Chief Financial Officer
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Exhibit 99.1
ALLEGIANT TRAVEL COMPANY PRICES UPSIZED $650 MILLION OFFERING OF SENIOR SECURED NOTES
LAS VEGAS, June 9, 2026 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) (the “Company,” “we,” “us,” or “our”) has agreed to sell $650.0 million in aggregate
principal amount of its 7.125% Senior Secured Notes due 2031 (the “Notes”) at an offering price of 99.479% of their principal amount to investors in a private offering. The size of the offering was increased by $150.0 million from the previously
announced offering size of $500.0 million. The Notes are expected to be issued on June 24, 2026, subject to customary closing conditions.
Each of the Company’s subsidiaries, other than Dustland, LLC and certain other insignificant subsidiaries (the “Guarantors”), will guarantee the Notes. The Notes and
the related guarantees will be secured by security interests in substantially all of the property and assets of the Company and the Guarantors, excluding aircraft, aircraft engines, real property and certain other assets (the “Collateral”). Some of
the Collateral, other than the property and assets of Sun Country Airlines Holdings, Inc. and its subsidiaries which will secure the Notes and the related guarantees, currently secures the Company’s existing $403.0 million 7.25% Senior Secured
Notes due 2027 (the “Existing Notes”) as well as a currently undrawn $150.0 million revolving credit facility.
The Company will use the net proceeds from the sale of the Notes to refinance in full the Existing Notes and all interest, costs, fees, expenses and other amounts due
and payable in respect thereof and to use the balance for general corporate purposes.
The Notes and the related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities
laws of any other jurisdiction. The Notes and the related guarantees are being offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S.
persons in offshore transactions in reliance on Regulation S under the Securities Act.
Allegiant – Together We Fly™
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and
experiences that matter most. Through Allegiant Air and Sun Country Airlines, the company serves approximately 22 million annual customers across scheduled passenger, charter and cargo operations. Together, the airlines operate more than 650 routes
serving nearly 175 cities throughout the United States and select international destinations. Allegiant is committed to providing affordable travel options, operational excellence and long-term value for customers, employees, communities and
shareholders. For more information, visit Allegiant.com.
Media information, including photos, is available at http://gofly.us/iiFa303wrtF
Media Inquiries: mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not
constitute an offer to sell or solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in contravention of applicable law.