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Spirit AeroSystems gives early results of offer for 5½% secured notes
By Mary-Katherine Stinson
Lexington, Ky., Nov. 22 – Spirit AeroSystems Holdings, Inc. announced early results in its wholly owned subsidiary Spirit AeroSystems, Inc.’s cash tender offer and consent solicitation for its $500 million 5½% senior secured first-lien notes due 2025 (Cusips: 85205TAM2, U84591AE3), according to a press release.
As of the early deadline, $478,591,000 of the notes had been tendered and accepted for purchase.
The company is offering to purchase the notes at a par, which includes an early tender premium of $30 per $1,000 of notes.
Accrued interest will also be paid.
The early tender deadline was 5 p.m. ET on Nov. 21.
Early settlement will be Nov. 23.
The company was also soliciting consents from noteholders for certain proposed amendments to, among other things, eliminate certain restrictive covenants and certain events of default with a majority vote and terminate the security interest and release the collateral under the indenture governing the notes with a two-thirds super-majority vote.
As of the early deadline, Spirit had received the required consents in both cases. The supplemental indenture will be enacted Nov. 23.
The tender offer and consent solicitation will expire at 11:59 p.m. ET on Dec. 6 unless extended or terminated by Spirit.
Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) is acting as the sole dealer manager and solicitation agent for the tender offer and consent solicitation.
Global Bondholder Services Corp. (212 430-3774, 855 654-2015, contact@gbsc-usa.com) is the tender and information agent.
Spirit is a Wichita, Kan.-based manufacturer of aerostructures for commercial airplanes.
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