Moody’s gives Spirit AeroSystems loan Ba2

Moody’s Investors Service said it assigned a Ba2 rating to Spirit AeroSystems, Inc.’s proposed $400 million first-lien term loan. The company will also be issuing additional senior secured first-lien debt.

About half of the net proceeds will be used to repay outstanding amounts under the term loan A and delayed-draw term loan A credit facilities, with the remainder adding cash to the balance sheet. As part of the transaction, Spirit is also expected to terminate its $500 million revolving credit facility.

Moody’s also affirmed its ratings for Spirit AeroSystems. Those include its Ba2 corporate family rating and Caa1 rating on the company’s senior unsecured notes.

The outlook remains negative.

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