LAS VEGAS, March 9, 2011 (GLOBE NEWSWIRE) -- Allegiant Travel Company (Nasdaq:ALGT), has announced that it will borrow $125.0 million on or about March 10, 2011, under a senior secured term loan facility arranged through Citadel Securities. The term loan has a six-year term and bears interest based on the London Interbank Offered Rate or prime rate. The initial interest rate will be 5.75% for the first three months. The term loan is secured by substantially all of the assets of the Company. In connection with the borrowing under the term loan, the Company made early payment in February 2011 of all existing debt obligations secured by its MD-80 aircraft. After the closing, the Company will have outstanding debt of $145 million. Proceeds from the term loan will also be used for the funding of future capital expenditures and general corporate purposes.
About the Company Las Vegas-based Allegiant Travel Company (Nasdaq:ALGT), is focused on linking travelers in small cities to world-class leisure destinations such as Fort Lauderdale, Fla., Las Vegas, Los Angeles, Phoenix-Mesa, Orlando, Fla., and Tampa/St. Petersburg, Fla. Through its subsidiary, Allegiant Air, the company operates a low-cost, high-efficiency, all-jet passenger airline offering air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel-related services. In 2010, Allegiant was ranked number one for low-cost carriers in Aviation Week's Top Performing Airline study and ranked 25 on FORTUNE magazine's Fastest-Growing Companies list. ALGT/G
The Allegiant Travel Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8305Note: This news release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility. For further information please visit the company's investor website: http://ir.allegiant.com Reference to the Company's website above does not constitute incorporation of any of the information thereon into this news release. Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding closing of the senior secured term loan and use of proceeds and any other statements that are not historical facts. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov . Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
CONTACT: Allegiant Media Contact: Jordan McGee phone: 702-589-7260 e-mail: firstname.lastname@example.org Investor Inquiries: Chris Allen phone: 702-851-7365 e-mail: email@example.com