Spirit AeroSystems gets $425M Boeing advance; repayment due by Oct 2024

Spirit AeroSystems Holdings, Inc.

Boeing advances $425M to Spirit (due Apr-May 2024) for rate readiness and quality process enhancements.
Repayment schedule: $36.6M June 12, $89.5M July 17, $150.6M Aug 14, $134.3M Sep 18, $14M Oct 16.
Advances accelerate if Spirit defaults on repayment, breaches MOA, or enters insolvency proceedings.
Spirit must provide Boeing weekly financial info and maintain production rates supporting Boeing's demand.
MOA triggered by higher inventory, lower cash flows, and FAA limits on Boeing production rate increases.

Key facts

Extracted from this filing and checked against the source text.

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

Spirit AeroSystems Holdings, Inc. entered into Memorandum of Agreement with The Boeing Company valued at $425,000,000 (effective 2024-04-18).

Action: entry
Counterparty: The Boeing Company
Value: $425,000,000
Effective: 2024-04-18

Exact text from the filing

On April 18, 2024, Spirit AeroSystems, Inc. (“Spirit”), a wholly owned subsidiary of Spirit AeroSystems Holdings, Inc. (“Spirit Holdings”), and The Boeing Company (“Boeing”) entered into a Memorandum of Agreement (the “MOA”).

View on SEC.gov

419 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001104659-24-050576

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.