Exhibit 99.3
Presentation to Spirit Alternative Proposal February 4, 2025 | Strictly private and confidential
2 Illustrative Capitalization Excluding $350mm Equity Rights Offering S o u r ce : Notes: Falcon Management, Spirit Disclosure Statement (Chapter 11 Plan of Reorganization), filed as of December 18, 2024. Based on $600mm of run - rate synergies. $ 400 Sources New 2nd Lien Term B / Bond ("take - back debt") 800 New 1st Lien Bond [ ] New Revolving Credit Facility ($400mm) $1 ,2 00 Total Sources Uses $3 00 Paydown Saturn RCF ($300M) 3 00 Paydown Saturn DIP Financing 400 New Saturn Exit Secured Notes [ 27 ] Other Saturn Transaction Fees 1 7 3 Cash to PF Balance Sheet $1 ,2 00 Total Uses Pro Forma 2/28/2025 (+/ - ) Total Adjs. ( - ) Trxn F ees (+/ - ) Debt Restructuring ( - ) Debt Paydown Saturn 2/28/2025 Falcon 2/28/2025 ($ in millions) $ 1,6 7 4 $173 ($27) $ 800 ( $ 600) $ 854 $ 647 Cash and Short Term Investments 187 ( 3 1) ( 3 1) 2 18 - - Restricted Cash $1,861 $142 $1 , 072 $ 647 Total Cash $3 51 - - - - $3 51 Pre - Delivery Credit Facility 12 - - - - 12 Floating Rate Building Note - - ( 3 00) ( 3 00) 3 00 - - RCF ($300M Capacity) - - ( 3 00) ( 3 00) 3 00 - - DIP Financing - - (1,110) (1,110) 1,110 - - 8.00% Senior Secured Notes due 2025 1,0 34 - - 1,0 34 - - Fixed - rate Term Loans due through 2039 514 - - 514 - - Saturn EETCs due 2026 - 2030 - - (25) ( 2 5) 25 - - 4.75% Convertible Senior Notes due 2025 - - (500) (500) 500 - - 1.00% Convertible Senior Notes due 2026 400 400 400 - - - - New 2nd Lien Term B / Bond ("take - back debt") 800 800 800 - - - - New 1st Lien Bond $ 3, 111 ($1,035) $ 3, 783 $ 36 3 Total Secured Debt 100 - - - - 100 Affinity Card Advance Purchase of Mileage Credits 66 - - - - 66 PSP Promisory Notes 1 21 - - 1 21 - - Term Loans due in 2031 $ 2 87 -- $1 21 $166 Total Unsecured Debt Total Debt $ 3,39 7 ($1,035) $ 3 ,903 $5 29 $ 8,1 7 0 - - $ 4,193 $3 ,9 7 7 Operating Lease Liabilities $11,567 ($1,035) $8,096 $ 4, 506 Total Lease - Adj. Debt $9,706 ( $1 , 177) $7 , 0 2 4 $ 3, 859 Total Lease - Adj. Net Debt Available Liquidity $ 1,6 7 4 $ 854 $ 647 Unrestricted Cash 400 - - - - Undrawn RCF $ 2, 074 $854 $ 647 Total Liquidity Credit Statistics $ 1,982 $ 666 $ 1, 3 16 2025E Adj. EBITDAR (Excl. Synergies) 2 ,582 2025E Adj. EBITDAR (Incl. Synergies) 5 . 8x 12.2x 3. 4x Total Lease - Adjusted Debt / 2025E Adj. EBITDAR (Excl. Synergies) 4 . 5x Total Lease - Adjusted Debt / 2025E Adj. EBITDAR (Incl. Synergies) 4 . 9x 10.5x 2. 9x Total Lease - Adjusted Net Debt / 2025E Adj. EBITDAR (Excl. Synergies) 3. 8x Total Lease - Adjusted Net Debt / 2025E Adj. EBITDAR (Incl. Synergies) Sources & Uses Pro Forma Capitalization ($ in millions) $ Amount
3 Take - Back Debt Term Sheet Term Loan B or Notes Issue $400mm Principal Amount 6 Years Tenor 11.0% Cash / 8.0% Cash + 4.0% PIK Coupon 2 nd Lien claim on the following collateral: • Falcon Loyalty Program (~$3.1bn) • Saturn Loyalty Program (~$1.1bn) • Saturn Slots (~$85mm) • Falcon Brand IP (~$1.5bn) • Saturn Co - branded Credit Card (~$1.6bn) • Saturn Spare Parts (~$140mm) • Saturn Brand IP (~$1.6bn) • Saturn Engines (~$225mm) • Other Saturn Assets (~$475mm) (3) Security( 1,2 ) NC2; par thereafter Call Protection 25% Maximum 1 st Lien LTV No Other Financial Covenants Covenants (1) Collateral values based on latest appraisals and management estimates. (2) Value of Saturn loyalty assets subject to change and may not be included in collateral package (3) Includes headquarters ($288mm), other spare engines ($123mm), hangar ($27mm), simulators ($26mm), and ground service equipment ($12mm).