Spirit AeroSystems amends loan, upping revolver, extending maturities

By Sara Rosenberg

New York, Oct. 20 - Spirit AeroSystems Holdings Inc. amended its credit facility, increasing the revolver to $650 million from $408.8 million and extending the maturities, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Of the total revolver amount, $630 million was extended to Sept. 30, 2014 from June 30, 2012. The remaining $20 million can be extended to Sept. 30, 2014 as well, under certain circumstances.

Pricing on the revolver ranges from Libor plus 300 basis points to 400 bps based on leverage.

Also, $440.4 million of the term loan was extended to Sept. 30, 2016, while the remaining $127.2 million continues to mature on Sept. 30, 2013.

Pricing on the extended term loan is Libor plus 325 bps, compared to Libor plus 175 bps on the non-extended loan.

The amended facility has a $250 million accordion feature.

In addition, the amendment permits the company to incur additional unsecured debt and added a total leverage ratio requirement of 3.5:1.0.

The amendment was completed on Oct. 15.

Bank of America is the administrative agent on the deal.

Spirit AeroSystems is a Wichita, Kan.-based supplier of aerostructures to both Boeing and Airbus.

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