The same Spirit Airlines that is likely to be acquired by JetBlue Airways is seeking another $600 million in new debt. Even more interesting is that Spirit Airlines is using its loyalty programs – Free Spirit and Spirit Saver$ Club – to secure that debt as collateral.
This comes against a backdrop of Spirit reducing routes but also investing in new seating and pilot training. Nonetheless, for an airline that seeks regulatory approval to be bought by JetBlue, Spirit Airlines is making…