Spirit Aerosystems Holdings, Inc. - SPR STOCK NEWS

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) CEO Tom Gentile will present at the UBS Aerospace Virtual Conference on November 12, 2020, at 11:30 a.m. ET. The presentation can be accessed via a webcast available on the company's investor relations page. Following the event, an audio replay will be accessible for one year. Spirit AeroSystems specializes in designing and manufacturing aerostructures for commercial and defense sectors, with operations in multiple countries including the U.S., U.K., and France.

Spirit AeroSystems reported substantial financial challenges in Q3 2020, with revenues of $806 million, down 58% year-over-year. Major factors included lower production due to the Boeing 737 MAX grounding and COVID-19 impacts. The company incurred an operating loss of $177 million, contrasting with an operating income of $206 million in Q3 2019. Despite raising $900 million in secured debt and reducing the Bombardier acquisition price from $500 million to $275 million, Spirit ended the quarter with a cash balance of $1.4 billion.

Spirit AeroSystems has successfully acquired select assets from Bombardier's aerostructures and aftermarket services, including operations in Belfast, Casablanca, and Dallas. This strategic acquisition, valued at $865 million, enhances Spirit's capabilities in engineering and advanced composites, specifically for the A220 wing manufacturing processes. The deal involves a $275 million upfront payment and a £100 million contribution to the Shorts pension scheme in the coming year. This acquisition also adds approximately 3,300 employees and strengthens Spirit's global aftermarket services portfolio.

Spirit AeroSystems announced an amendment to its acquisition agreement with Bombardier, reducing the purchase price from $500 million to $275 million. The deal involves acquiring Shorts and Bombardier Aerospace North Africa, with Spirit assuming liabilities related to Shorts' pension (approximately $300 million) and a repayable investment agreement (about $290 million). The total enterprise value of the acquisition is now $865 million. The acquisition is expected to close on October 30, 2020, enhancing Spirit's position in the aerospace market.

Spirit AeroSystems (NYSE:SPR) has declared a quarterly cash dividend of $0.01 per share on its common stock. This dividend will be paid on January 4, 2021, to stockholders who are on record as of the close of business on December 14, 2020. This move underscores the company's commitment to returning value to its shareholders amidst its operations in designing and building aerostructures for commercial and defense sectors.

Spirit AeroSystems will announce its third quarter 2020 financial results on November 3, 2020, at 6:30 a.m. CT. President and CEO Tom Gentile and CFO Mark Suchinski will discuss the results during a conference call at 10 a.m. CT. The presentation will feature a live audio stream and a Q&A session, accessible via the company’s investor relations website. Spirit AeroSystems, headquartered in Wichita, Kansas, specializes in designing and manufacturing aerostructures for commercial and defense sectors.

Spirit AeroSystems announced the successful closure of a private offering of $500 million in 5.500% Senior Secured First Lien Notes due 2025. Concurrently, the company closed on a $400 million Senior Secured Term Loan B. The net proceeds will be used for general corporate purposes. The offering was made under an exemption from the Securities Act, targeting qualified institutional buyers. The senior notes and term loan are secured by assets of Spirit and are positioned as senior secured obligations, ranking equally with existing senior indebtedness.

Spirit AeroSystems, based in Wichita, Kansas, has priced a private offering of $500 million of 5.500% Senior Secured First Lien Notes due 2025. This offering increased from the initial $400 million. The company plans to use the proceeds for general corporate purposes, with the closing expected around October 5, 2020. The notes will be secured by specific assets, ranking equally with existing senior debt. Interest payments will begin January 15, 2021. The offering is made under a Securities Act exemption and is not registered.

Spirit AeroSystems, Inc. is offering $400 million of Senior Secured First Lien Notes due 2025 in a private offering. The net proceeds will be utilized for general corporate purposes. The offering is guaranteed by the Company and its subsidiary and secured by certain assets, ranking equally with existing senior debts. The Notes will be sold to qualified institutional buyers and are not registered under the Securities Act. This press release does not constitute an offer to sell or a solicitation to buy the Notes.