Spirit AeroSystems, Inc. Announces Intention to Refinance Its Senior Secured Credit Facility

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Mar 05, 2014, 04:30 ET

WICHITA, Kan., March 5, 2014 /PRNewswire/ -- Spirit AeroSystems, Inc. ("Spirit" or "the Company"), a wholly-owned subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), announced today that it has launched a transaction to refinance its existing $540.4 million senior secured term loan B. The proposed transaction is expected to include a covenant-lite $540.4 million term loan B maturing in 2020 to replace the existing term loan B that matures in 2019.

The refinancing will be contingent upon, among other things, obtaining the necessary lender consents and the satisfaction of conditions precedent to the definitive loan documentation. The terms of the refinancing, including those described above, could change materially between the date hereof and the effectiveness of the facilities, and there is no assurance that the refinancing will be consummated.

This press release contains forward-looking statements including, but not limited to, statements about Spirit's intention to refinance its senior secured term loan B. These statements are subject to the general inherent risks in Spirit's business and in the credit markets and reflect the Company's current expectations regarding these matters. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Spirit's business and operations involve numerous risks and uncertainties, many of which are beyond its control, which could result in Spirit's expectations not being realized or otherwise materially affect the Company's financial condition, results of operations and cash flows. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, Spirit expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If Spirit does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to Spirit's business in general, please refer to Spirit AeroSystems Holdings, Inc.'s filings with the Securities and Exchange Commission.

About Spirit AeroSystems, Inc.

Spirit AeroSystems, with headquarters in Wichita, Kan., USA, is one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. In addition to its Wichita and Chanute facilities in Kansas, Spirit has locations in Tulsa and McAlester, Okla.; Kinston, N.C.; Nashville, Tenn.; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France. In the U.S., Spirit's core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America, Europe and Asia. Spirit Europe produces wing components for a host of customers, including Airbus.