Spirit AeroSystems Holdings, Inc.: debt financing — Spirit AeroSystems issues $1.2B of 9.75% notes due 2030 to refinance its 7.5% 2025 notes

Spirit AeroSystems Holdings, Inc.

Issued $1.2B of 9.750% Senior Secured Second Lien Notes due 2030; interest payable semiannually May 15 and Nov 15.
Tender offer accepted $1.108B of $1.2B outstanding 7.500% 2025 Notes; remaining $91.8M to be redeemed Dec 1, 2023.
New notes are second-lien secured; Sixth Supplemental Indenture grants equal security to existing 2026 Notes.
Proceeds fund the tender offer, related premiums/fees, and general corporate purposes.
Refinancing extends debt maturity from 2025 to 2030 at a higher coupon (9.75% vs 7.50%).

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Spirit AeroSystems Holdings, Inc. incurred senior notes of $1.2 billion aggregate principal amount with The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent at 9.750% per year maturing November 15, 2030.

Instrument: senior notes
Principal: $1.2 billion aggregate principal amount
Counterparty: The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent
Rate: 9.750% per year
Maturity: November 15, 2030
Event: incurrence

Exact text from the filing

Spirit AeroSystems, Inc. (“Spirit”) entered into an Indenture (the “Indenture”), by and among Spirit, Spirit AeroSystems Holdings, Inc. (the “Company”) and Spirit AeroSystems North Carolina, Inc. (“Spirit NC”), as guarantors (Spirit NC together with the Company, the “Guarantors”), and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent, in connection with Spirit’s offering of $1.2 billion aggregate principal amount of its 9.750% Senior Secured Second Lien Notes due 2030 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Spirit AeroSystems Holdings, Inc. entered into Sixth Supplemental Indenture with The Bank of New York Mellon Trust Company, N.A. (effective 2023-11-21).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Spirit entered into a Sixth Supplemental Indenture (the “Sixth Supplemental Indenture”), by and among Spirit, the Company, Spirit NC and The Bank of New York Mellon Trust Company, N.A., as trustee in connection with Spirit’s 3.850% Senior Notes due 2026 (the “2026 Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Spirit AeroSystems Holdings, Inc. entered into Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $1.2 billion aggregate principal amount (effective 2023-11-21).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $1.2 billion aggregate principal amount
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Spirit AeroSystems, Inc. (“Spirit”) entered into an Indenture (the “Indenture”), by and among Spirit, Spirit AeroSystems Holdings, Inc. (the “Company”) and Spirit AeroSystems North Carolina, Inc. (“Spirit NC”), as guarantors (Spirit NC together with the Company, the “Guarantors”), and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent

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Source: SEC EDGAR

accession 0001104659-23-120390

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