Warrant Issuer Summary & Reserve Prices as of 6/12/2024
Summary
A PSP1, PSP2, PSP3 and Loan Program Issuer Warrant Tranche Summary as of June 12, 2024, listing for each airline the strike price, number of warrants and expiration date of each warrant tranche, plus a lot reserve price. It covers Alaska Air Group, Inc. (1,882,517 warrants, reserve $17,000,000), Allegiant Travel Company (29,562.14, $50,000), American Airlines Group Inc. (29,427,914, $25,000,000), Delta Air Lines, Inc. (11,137,878.35, $221,000,000), Frontier Group Holdings, Inc. (3,117,940, $1,900,000), Hawaiian Holdings, Inc. (1,134,685, $2,700,000), JetBlue Airways Corporation (5,598,807, $50,000), SkyWest, Inc. (785,226, $30,000,000), Southwest Airlines Co. (4,961,811.77, $1,700,000), Spirit Airlines, Inc. (913,382.82, $50,000) and United Airlines Holdings, Inc. (9,928,349, $159,000,000). The footnotes give the fifth-anniversary expiration rule.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
PSP1, PSP2, PSP3, and Loan Program - Issuer Warrant Tranche Summary As of 6/12/20241
Alaska Air Group, Inc. (ALK) Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $31.61 427,080 09/28/25
PSP 1 - Tranche 1 31.61 846,748 04/23/25
PSP 1 - Tranche 2 31.61 27,595 4 06/23/25
PSP 1 - Tranche 3 31.61 7,163 07/31/25
PSP 1 - Tranche 4 31.61 7,165 08/31/25
PSP 1 - Tranche 5 31.61 27,258 4 09/30/25
PSP 1 - Tranche 6 31.61 12,197 02/19/26
PSP 2 - Tranche 1 52.25 95,532 01/15/26
PSP 2 - Tranche 2 52.25 5,695 02/05/265
PSP 2 - Tranche 3 52.25 154,647 03/19/26
PSP 2 - Tranche 4 52.25 3,770 04/08/26
PSP 2 - Tranche 5 52.25 45,855 04/29/26
PSP 3 - Tranche 1 66.39 88,395 04/29/26
PSP 3 - Tranche 2 66.39 133,417 06/03/26
Total Alaska Air Group, Inc. (ALK) Warrants 1,882,517
Alaska Air Group, Inc. (ALK) Lot Reserve Price $17,000,000
Allegiant Travel Company (ALGT) Strike Price2 # of Warrants2 Expiration Date3
PSP 1 - Tranche 1 $80.632 7,567.00 05/29/25
PSP 1 - Tranche 2 80.632 12,792.18 06/30/25
PSP 1 - Tranche 3 80.632 6,396.09 07/31/25
PSP 1 - Tranche 4 80.632 1,851.96 09/30/25
PSP 2 - Tranche 1 173.428 954.91 04/22/26
Total Allegiant Travel Company (ALGT) Warrants 29,562.14
Allegiant Travel Company (ALGT) Lot Reserve Price $50,000
American Airlines Group Inc. (AAL) Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $12.51 4,396,483 09/25/25
PSP 1 - Tranche 1 12.51 6,703,550 04/20/25
PSP 1 - Tranche 2 12.51 2,776,937 05/29/25
PSP 1 - Tranche 3 12.51 2,776,937 06/30/25
PSP 1 - Tranche 4 12.51 1,388,469 07/30/25
PSP 1 - Tranche 5 12.51 401,925 09/30/25
PSP 2 - Tranche 1 15.66 2,751,594 01/15/26
PSP 2 - Tranche 2 15.66 2,942,229 03/17/26
PSP 2 - Tranche 3 15.66 882,669 04/23/265
PSP 3 - Tranche 1 21.75 2,173,817 04/23/26
PSP 3 - Tranche 2 21.75 2,233,304 06/24/26
Total American Airlines Group Inc. (AAL) Warrants 29,427,914
American Airlines Group Inc. (AAL) Lot Reserve Price7 $25,000,000
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PSP1, PSP2, PSP3, and Loan Program - Issuer Warrant Tranche Summary
Delta Air Lines, Inc. (DAL) Strike Price2 # of Warrants2 Expiration Date3
PSP 1 - Tranche 1 $24.146 3,252,864.11 04/20/25
PSP 1 - Tranche 2 24.146 1,350,842.60 05/29/25
PSP 1 - Tranche 3 24.146 1,350,842.60 06/30/25
PSP 1 - Tranche 4 24.146 675,420.79 07/30/25
PSP 1 - Tranche 5 24.146 195,516.73 09/30/25
PSP 2 - Tranche 1 39.362 1,014,135.45 01/15/26
PSP 2 - Tranche 2 39.362 1,090,351.40 03/05/26
PSP 2 - Tranche 3 39.362 327,105.82 04/29/26
PSP 3 - Tranche 1 47.357 908,724.87 04/23/265
PSP 3 - Tranche 2 47.357 972,073.97 06/03/26
Total Delta Air Lines, Inc. (DAL) Warrants 11,137,878.35
Delta Air Lines, Inc. (DAL) Lot Reserve Price $221,000,000
Frontier Group Holdings, Inc. (ULCC)6 Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $6.36 2,358,090 09/28/25
PSP 1 - Tranche 1 6.36 11,514 05/19/25
PSP 1 - Tranche 2 6.36 96,634 07/30/25
PSP 1 - Tranche 3 6.36 27,968 09/30/25
PSP 1 - Tranche 4 6.36 193,230 05/29/25
PSP 1 - Tranche 5 6.36 193,230 06/29/255
PSP 2 - Tranche 1 11.65 103,208 03/05/26
PSP 2 - Tranche 2 11.65 54,105 04/29/26
PSP 3 - Tranche 1 18.85 79,961 06/03/26
Total Frontier Group Holdings, Inc. (ULCC) Warrants 3,117,940
Frontier Group Holdings, Inc. (ULCC) Lot Reserve Price $1,900,000
Hawaiian Holdings, Inc. (HA) Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $11.82 380,711 09/25/25
PSP 1 - Tranche 1 11.82 117,335 04/22/25
PSP 1 - Tranche 2 11.82 148,457 05/29/25
PSP 1 - Tranche 3 11.82 148,457 06/30/25
PSP 1 - Tranche 4 11.82 74,228 07/30/25
PSP 1 - Tranche 5 11.82 21,487 09/30/25
PSP 2 - Tranche 1 17.78 113,940 03/05/26
PSP 2 - Tranche 2 17.78 42,400 04/23/265
PSP 3 - Tranche 1 27.27 87,670 06/03/26
Total Hawaiian Holdings, Inc. (HA) Warrants 1,134,685
Hawaiian Holdings, Inc. (HA) Lot Reserve Price $2,700,000
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PSP1, PSP2, PSP3, and Loan Program - Issuer Warrant Tranche Summary
JetBlue Airways Corporation (JBLU) Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $9.50 1,210,526 09/29/25
PSP 1 - Tranche 1 9.50 2,639,226 04/23/25
PSP 1 - Tranche 2 9.50 85,540 09/30/25
PSP 2 - Tranche 1 14.43 316,583 01/15/26
PSP 2 - Tranche 2 14.43 524,483 03/05/26
PSP 2 - Tranche 3 14.43 157,345 04/29/26
PSP 3 - Tranche 1 19.90 257,175 05/06/26
PSP 3 - Tranche 2 19.90 407,929 06/03/26
Total JetBlue Airways Corporation (JBLU) Warrants 5,598,807
JetBlue Airways Corporation (JBLU) Lot Reserve Price $50,000
SkyWest, Inc. (SKYW) Strike Price2 # of Warrants2 Expiration Date3
Loan - Tranche 1 $28.38 211,416 09/29/25
PSP 1 - Tranche 1 28.38 125,804 04/23/25
PSP 1 - Tranche 2 28.38 92,605 05/29/25
PSP 1 - Tranche 3 28.38 92,605 07/01/25
PSP 1 - Tranche 4 28.38 46,303 07/31/25
PSP 1 - Tranche 5 28.38 13,403 09/30/25
PSP 2 - Tranche 1 40.41 12,288 01/15/26
PSP 2 - Tranche 2 40.41 86,527 03/08/26
PSP 2 - Tranche 3 40.41 25,958 04/23/265
PSP 3 - Tranche 1 57.47 13,058 04/23/265
PSP 3 - Tranche 2 57.47 65,259 06/10/26
Total SkyWest, Inc. (SKYW) Warrants 785,226
SkyWest, Inc. (SKYW) Lot Reserve Price $30,000,000
Southwest Airlines Co. (LUV) Strike Price2 # of Warrants2 Expiration Date3
PSP 1 - Tranche 1 $35.266 1,301,188.71 04/20/25
PSP 1 - Tranche 2 35.266 554,503.05 05/29/25
PSP 1 - Tranche 3 35.266 554,503.05 06/30/25
PSP 1 - Tranche 4 35.266 277,251.02 07/30/25
PSP 1 - Tranche 5 35.266 80,256.54 09/30/25
PSP 2 - Tranche 1 44.750 511,967.47 01/15/26
PSP 2 - Tranche 2 44.750 579,006.75 03/05/26
PSP 2 - Tranche 3 44.750 173,702.54 04/23/265
PSP 3 - Tranche 1 56.576 438,203.46 04/23/265
PSP 3 - Tranche 2 56.576 491,229.18 06/03/26
Total Southwest Airlines Co. (LUV) Warrants 4,961,811.77
Southwest Airlines Co. (LUV) Lot Reserve Price $1,700,000
Page 3 of 4
PSP1, PSP2, PSP3, and Loan Program - Issuer Warrant Tranche Summary
Strike Price2 # of Warrants2 Expiration Date3
Spirit Airlines, Inc. (SAVE)
PSP 1 - Tranche 1 $11.393 177,394.66 04/20/25
PSP 1 - Tranche 2 11.393 176,286.10 05/29/25
PSP 1 - Tranche 3 11.393 176,286.10 06/30/25
PSP 1 - Tranche 4 11.393 88,143.05 07/31/25
PSP 1 - Tranche 5 11.393 25,515.29 10/02/25
PSP 2 - Tranche 1 19.761 128,224.47 03/05/26
PSP 2 - Tranche 2 19.761 42,006.21 04/29/26
PSP 3 - Tranche 1 29.496 99,526.95 06/03/26
Total Spirit Airlines, Inc. (SAVE) Warrants 913,382.82
Spirit Airlines, Inc. (SAVE) Lot Reserve Price $50,000
Strike Price2 # of Warrants2 Expiration Date3
United Airlines Holdings, Inc. (UAL)
Loan - Tranche 1 $31.50 1,650,794 09/28/25
PSP 1 - Tranche 1 31.50 2,265,951 04/20/25
PSP 1 - Tranche 2 31.50 944,476 05/29/25
PSP 1 - Tranche 3 31.50 944,476 06/30/25
PSP 1 - Tranche 4 31.50 472,238 07/30/25
PSP 1 - Tranche 5 31.50 136,700 09/30/25
PSP 2 - Tranche 1 43.26 835,553 01/15/26
PSP 2 - Tranche 2 43.26 904,901 03/08/26
PSP 2 - Tranche 3 43.26 271,470 04/29/26
PSP 3 - Tranche 1 53.92 723,076 04/29/26
PSP 3 - Tranche 2 53.92 778,714 06/10/26
Total United Airlines Holdings, Inc. Warrants 9,928,349
United Airlines Holdings, Inc. (UAL) Lot Reserve Price $159,000,000
Footnotes:
1. Summary schedule is updated as of June 12, 2024.
2. Numbers do not reflect adjustments related to dividends that have been declared but not paid as of May 22, 2024
3. Expiration date listed is the fifth anniversary of each warrant’s issuance date; if the expiration date is not a business day, the warrants will expire on
the next succeeding business day.
4. Warrant shares updated from the prior version dated May 16, 2024.
5. Expiration date updated from the prior version dated May 16, 2024.
6. All warrants issued by Frontier will be in the form of the warrant attached as Annex B to the Warrant Agreement, dated April 29, 2021, between
Frontier Group Holdings, Inc. and Treasury, which can be found at https://home.treasury.gov/policy-issues/coronavirus/assistance-for-american-
industry/airline-and-national-security-relief-programs.
7. American Airlines Group Inc. Lot Reserve Price is updated from the prior version dated May 22, 2024.
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