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Spirit AeroSystems records needed consents to amend 7½% notes
By Jennifer Chiou
New York, March 17 - Spirit AeroSystems Holdings, Inc. said that wholly owned subsidiary Spirit AeroSystems, Inc. received the required consents in its tender offer and solicitation for its $300 million outstanding principal amount of 7½% senior notes due 2017.
As of 5 p.m. ET on March 17, the consent deadline, holders had tendered $227.16 million of the notes.
The company said that it will execute a supplemental indenture.
The total purchase price will be $1,041.25 for each $1,000 principal amount of the notes tendered by the consent date. Settlement is expected on March 18.
The total amount includes a consent payment of $30.00 per $1,000 par amount.
The company also will pay accrued interest to but excluding the payment date.
Those who tender after the consent date will receive the total amount less the consent payment.
As noted, the tender offer will end at 11:59 p.m. ET on March 31.
Spirit is soliciting consents to amend the notes to eliminate most of the covenants and default provisions, which requires consents from holders of at least a majority of the outstanding notes.
Holders who tender their notes are deemed to consent to the proposed amendments, and holders may not deliver their consents without tendering their notes.
Tendered notes may be withdrawn by the consent deadline.
The tender offer and consent solicitation are conditioned on the receipt of tendered notes from a majority of the outstanding notes, the execution of the supplemental indenture and the completion of funds from a refinancing.
BofA Merrill Lynch (888 292-0070 or 980 387-3907 collect) is the dealer manager and solicitation agent. The depositary and information agent is Global Bondholder Services Corp. (866 470-4200 and 212 430-3774 for banks and brokers).
Spirit AeroSystems is a Wichita, Kan.-based maker of commercial and military airplane components, including fuselages, propulsion systems and wings. It launched the offer on March 4.
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