“The debt is intended to pay down $155 million of debt and have more cash on hand with an uncertain 2023. According to Airline Weekly, this is after Spirit Airlines took out $850 million in loyalty program-secured debt in September 2020.”

https://simpleflying.com/spirit-airlines-raise-600-million-new-debt/

Maybe they are about to get a big raise and raise the industry to a new standard. Maybe not.