Spirit AeroSystems sets talk on $1.2 billion facility with launch

By Sara Rosenberg

New York, March 28 - Spirit AeroSystems Inc. launched its $1.2 billion credit facility with a conference call on Wednesday afternoon, at which time price talk was released, according to a market source.

The $550 million seven-year term loan B is being talked at Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99 to 991/2, the source said.

Pricing on the $650 million five-year revolver is based on a leverage grid and can range from Libor plus 175 bps to 250 bps, the source added.

Term loan B commitments are due on April 4 and revolver commitments are due on April 11.

Bank of America Merrill Lynch, Scotia Capital (USA) Inc., Citigroup Global Markets Inc., RBC Capital Markets LLC, RBS Securities Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance an existing $650 million revolver due 2014 and term loan borrowings due in 2013 and 2016.

Closing is subject to successful syndication.

Spirit AeroSystems is a Wichita, Kan.-based non-OEM designer and manufacturer of aerostructures for commercial aircraft.

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