Spirit AeroSystems launches $400 million term B at Libor plus 525 bps

By Sara Rosenberg

New York, Sept. 22 – Spirit AeroSystems Holdings Inc. held a lender call on Tuesday to launch a $400 million senior secured term loan B (BB-) that is talked at Libor plus 525 basis points with a 0.75% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

BofA Securities Inc. is the lead bank on the deal.

Commitments are due at 11 a.m. ET on Sept. 30, the source added.

Proceeds will be used with $400 million of senior secured notes to repay in full amounts borrowed under a term loan A and delayed-draw term loan A, and for general corporate purposes.

Spirit AeroSystems is a Wichita, Kan.-based designer and builder of aerostructures for both commercial and defense customers.

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