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Spirit AeroSystems Holdings, Inc. became a completed acquisition story after Boeing acquired the aerostructures manufacturer. Spirit historically made fuselages, integrated wings and wing components, pylons, and nacelles for commercial airplanes, defense platforms, and business and regional jets, using aluminum and advanced composite manufacturing.
Recurring SPR news has centered on the Boeing transaction, the alignment of commercial and aftermarket operations, the establishment of Spirit Defense for defense and space program support, operating and financial results, material agreements, and governance updates such as board composition.
Spirit AeroSystems (NYSE: SPR) reported Q4 2022 revenue of $1.3 billion, a 23% increase YoY, primarily from Boeing 737 deliveries. Full-year revenue rose 27% to $5.0 billion. However, the company posted a net loss of $(243 million in Q4 and $(546 million) for 2022. Operating losses expanded to $(139 million) in Q4 but improved to $(281 million) for the full year. Free cash flow usage was $66 million in Q4, totaling $516 million for 2022. The backlog stood at approximately $37 billion at year-end, with plans to deliver 420 shipsets in 2023. The fiscal year faced challenges due to supply chain issues and increased production costs.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) will announce its fourth quarter and full-year 2022 financial results on February 7, 2023, at 6:30 a.m. CST. CEO Tom Gentile and CFO Mark Suchinski will present the results during a conference call at 10 a.m. CST. This session will be available as a live online broadcast, featuring charts and a Q&A segment. Interested individuals should access the audio stream and presentation on the company’s investor website. Spirit AeroSystems is a leading manufacturer of aerostructures, producing components for commercial and military aircraft, with operations spanning across multiple countries.
Spirit AeroSystems Holdings has appointed Mark Miklos as Senior Vice President of its Defense & Space division, effective April 1, 2023. He will take over from Duane Hawkins, who is retiring after joining the company in 2013. Miklos, who joined Spirit in 2020 through the acquisition of Fiber Materials, Inc., brings over 25 years of experience in advanced materials. He will report directly to Tom Gentile, President & CEO. Miklos's role will focus on expanding Spirit's Defense & Space portfolio, which is pivotal for the company's growth strategy.
Spirit AeroSystems Holdings, Inc. has closed a private offering of $900 million in 9.375% Senior Secured First Lien Notes due 2029 through its subsidiary, Spirit AeroSystems, Inc. Concurrently, Spirit amended its $594 million senior secured term loan, refinancing existing loans maturing in January 2025. The proceeds will be used to fund a tender offer for 5.500% Senior Secured Notes due 2025, redeem outstanding 3.950% Senior Notes due 2023, and cover related expenses. The Notes are secured by various assets of Spirit and its subsidiaries.
Spirit AeroSystems announced the early tender results of its offer to purchase all of its 5.500% Senior Secured First Lien Notes due 2025. As of November 21, 2022, valid tenders were accepted for $478,591,000 out of $500,000,000 outstanding. Holders of accepted notes will receive a total consideration of $1,000 per $1,000 principal, including a $30 early tender premium. The early settlement date is set for November 23, 2022, contingent on the satisfaction of conditions outlined in the Offer to Purchase. The Tender Offer expires on December 6, 2022.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) has announced its intention to redeem $300 million of its 3.950% Senior Notes due 2023 on November 23, 2022. The redemption price will be either 100% of the principal amount or based on an adjusted treasury rate plus twenty basis points, including accrued interest. This action is contingent upon Spirit completing an issuance of at least $800 million in senior notes by the same date. Notifications will be sent to all registered holders of the Notes.
Spirit AeroSystems Holdings (NYSE: SPR) has successfully priced an increase in a private offering of $900 million 9.375% Senior Secured First Lien Notes due 2029. The funds will finance a tender offer for $500 million of existing 5.500% notes, redeem 3.950% notes, and cover associated expenses. The offering is expected to close on November 23, 2022. The notes will be secured by the company's assets and guaranteed by its subsidiaries.
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Spirit AeroSystems is offering $800 million in Senior Secured First Lien Notes due 2029 in a private placement. The proceeds will finance a tender offer for $500 million of its 5.500% Senior Secured First Lien Notes due 2025, redeem the 3.950% Senior Notes due 2023, and cover related expenses. The New Notes will be secured by real and personal property, and are intended for qualified institutional buyers only. This move aims to improve Spirit's debt structure and overall financial position.
Spirit AeroSystems has initiated a Tender Offer to purchase any and all of the $500 million outstanding principal amount of its 5.500% Senior Secured First Lien Notes due 2025. The company is also soliciting consents to amend certain provisions of the indenture for these notes. The Tender Offer will expire at 11:59 p.m. on December 6, 2022, unless extended. The company intends to fund this purchase with proceeds from new senior secured debt securities, aiming to raise $800 million.