International law firm Walkers is delighted to have acted as Cayman Islands counsel on Spirit Airline's US$600 million of 8% senior secured notes due 2025, guaranteed by its 'Free Spirit' loyalty programme and brand intellectual property.

The notes, issued by Spirit IP Cayman and Spirit Loyalty Cayman, were secured by a first-priority lien on the core assets of the carrier’s Free Spirit loyalty programme, comprising cash proceeds from its co-branded credit card programmes and Spirit Saver$ Club programme and intellectual property.

Walkers Cayman Islands partner Joanne Ziegler commented: "Since 2020, we have been involved in a number of these novel financing structures. I am delighted we have been able to support Spirit Airlines on this matter and unlock new liquidity to ensure their business objectives can be achieved. It has been a pleasure to work with Spirit's team."

Walkers was led by Cayman Islands partner Joanne Ziegler with assistance from associate Hannah Hawkins. Walkers also worked in concert with Debevoise & Plimpton LLP's New York office.