Spirit Airlines received $371.3 million from an issuance of 10,594,073 shares of its common stock to holders of its 4.75% convertible senior notes due 2025. Spirit used $368.7 million of the net proceeds from the common stock offering to redeem $340.0 million of its $850.0 million 8.00% senior secured notes due 2025, plus a premium of $27.2 million and $1.5 million in related accrued interest. As a result, $510.0 million in 8.00% senior secured notes remain outstanding.
Spirit Airlines also issued $500 million of 1.00% convertible senior notes due 2026 with a conversion price of $49.07 per share. The $500.0 million amount includes $60 million of an over-allotment that the company granted to, and exercised by, the underwriters of the 2026 Convertible Notes. Net proceeds from this transaction were used to retire $146.8 million of the 2025 convertible notes, plus a premium of $290.7 million and accrued interest of $3.2 million. As a result, $28.2 million aggregate principal amount of the 2025 convertible notes remain outstanding.
Spirit plans to use approximately $45 million of the remaining net proceeds to repay outstanding indebtedness under its senior secured revolving credit facility due March 2024.
On April 30, 2021, Spirit Airlines completed the registered direct placement of 10,594,073 shares of voting common stock at an offering price of $35.05 per share. The company expects to use approximately $368.7 million of the net proceeds to redeem $340 million of its 8.00% senior secured notes due 2025 at a redemption price equal to 108.0%, plus accrued and unpaid interest on the principal amount being redeemed up to, but excluding, the redemption date. Spirit expects to use the remaining net proceeds for general corporate purposes.
On April 30, 2021, Spirit Airlines also completed the public offering of $500.0 million of 1.00% convertible senior notes due 2026. The company used a portion of the net proceeds to repurchase approximately $146.8 million of its outstanding 4.75% convertible senior notes due 2025 for approximately $440.7 million, including accrued and unpaid interest on the 2025 Convertible Notes repurchased, pursuant to privately negotiated agreements with a limited number of current holders of such 2025 Convertible Notes. The company expects to use the remaining net proceeds for general corporate purposes.
Underwriters are Barclays, Morgan Stanley, Citi and Deutsche Bank.