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Spirit AeroSystems tenders, seeks consents for $300 million 7½% notes
By Susanna Moon
Chicago, March 4 - Spirit AeroSystems Holdings, Inc. said wholly owned subsidiary Spirit AeroSystems, Inc. began a tender offer and consent solicitation for its $300 million outstanding principal amount of 7½% senior notes due 2017.
The total purchase price will be $1,041.25 for each $1,000 principal amount of the notes tendered by 5 p.m. ET on March 17, the consent date.
The total amount includes a consent payment of $30.00 per $1,000 par amount.
Those who tender after the consent date will receive the total amount less the consent payment.
The tender offer will end at 11:59 p.m. ET on March 31.
The company also will pay accrued interest to but excluding the payment date.
Spirit also 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Tendered notes may be withdrawn by the consent deadline.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, according to a company press release.
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.
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