Allegiant Travel (ALGT) has commenced a private offering of $500 million in senior secured notes due 2031, the company said Tuesday.

The company said it will use net proceeds from the offering to refinance its outstanding $403 million 7.25% senior secured notes due 2027 and for general corporate purposes.

In a separate statement, Allegiant said it has launched a tender offer to acquire the outstanding notes due 2027.

Allegiant said that those who tender their notes by June 23 will be eligible to receive $1,005 for every $1,000 of notes.