Allegiant Travel Company (NASDAQ: ALGT) announced it commenced a tender offer to purchase all outstanding $403 million in aggregate principal amount of its 7.250% Senior Secured Notes Due 2027. The company is offering $955 per $1,000 principal amount for the notes, according to a press release.

Holders who tender their notes by June 23, 2026, at 5:00 p.m. New York time will receive an additional early tender premium of $50 per $1,000 principal amount, bringing total consideration to $1,005 per $1,000 principal amount. The tender offer expires on July 9, 2026, at 5:00 p.m. New York time.

In conjunction with the tender offer, Allegiant is seeking bondholder consents to amend the indenture governing the notes. The proposed amendments would eliminate most restrictive covenants and certain events of default applicable to the notes. Holders must tender their notes to deliver consents, and cannot do one without the other.

The company expects the initial settlement date to be June 24, 2026, if it chooses to exercise that option after the early tender deadline. Notes tendered after the early deadline but before expiration will only receive the base tender offer consideration of $955 per $1,000 principal amount.

Allegiant may withdraw tendered notes and revoke consents until the early tender deadline. After that point, withdrawal is generally not permitted except in limited circumstances required by law.

For notes not purchased in the tender offer, the company may redeem all remaining outstanding notes on August 15, 2026, at 100% of principal amount plus accrued interest.

The tender offer is conditional on certain requirements, including successful completion of a debt financing. Barclays Capital Inc. serves as dealer-manager and solicitation agent, while Global Bondholder Services Corporation acts as information agent and tender agent.