Spirit Airlines Inc. announced Monday that it plans to issue five-year bonds worth $ 600 million through two Cayman Islands-based subsidiaries as part of a private deal. The banknotes are guaranteed by Spirit and certain entities and secured by a first priority lien for the discount airline’s loyalty program and other intellectual property. The proceeds will be loaned to Spirit after a part has been paid into a reserve account. Airlines were put down during the coronavirus pandemic as travelers stayed away and flights were suspended. Shares rose 1.1% prior to the IPO, but fell 44% year-to-date, while the US Global JETS ETF rose 41% and the S&P 500 rose 8.6%.