Spirit AeroSystems To Offer Up To $300 Mln Of Senior Unsecured Notes Due 2022

(RTTNews) - Spirit AeroSystems Inc., a wholly-owned subsidiary of Spirit AeroSystems Holdings, Inc. (SPR), plans to offer up to $300 million in aggregate principal amount of senior unsecured notes due 2022 in a private placement.

The notes will be issued by Spirit AeroSystems Inc. and will be unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by the Company and its existing and future domestic subsidiaries that will guarantee its amended senior secured credit facility.

Spirit AeroSystems intends to use the net proceeds from the offering and cash on hand to repurchase the Company's outstanding 71/2% senior notes due 2017 pursuant to a tender offer and consent solicitation or otherwise, to pay related fees and expenses and for other general corporate purposes.

Separately, Spirit AeroSystems Holdings, announced that Spirit AeroSystems Inc., has commenced an offer to purchase for cash any and all of the $300 million outstanding principal amount of its 7 1/2% Senior Notes due 2017.

In conjunction with the tender offer, Spirit AeroSystems is soliciting consents to effect certain proposed amendments to the indenture governing the Notes.

The total consideration to be paid for each $1,000 principal amount of the Notes tendered, and not validly withdrawn, will be $1,041.25. The total consideration for the Notes includes a consent payment of $30.00 per $1,000 principal amount, which is payable only to holders who tender their Notes and validly deliver their consents prior to 5:00 p.m., New York City time, on March 17, 2014, unless terminated or extended.

Holders who tender their Notes after the Consent Date but prior to 11:59 p.m., New York City time, on March 31, 2014, unless terminated or extended will receive the tender offer consideration, which is the total consideration minus the consent payment.

Tendering holders will also receive accrued and unpaid interest from the last applicable interest payment date to, but not including, the applicable payment date.

Holders who tender their Notes are deemed to consent to the proposed amendments and holders may not deliver their consents without tendering their Notes in the tender offer. Tendered Notes can only be withdrawn, and related consents revoked, before 5:00 p.m., New York City time, on March 17, 2014.