Spirit AeroSystems sets Thursday lender call for amended and restated facility

By Sara Rosenberg

New York, Nov. 1 - Spirit AeroSystems Holdings Inc.'s has scheduled a lender call for 4 p.m. ET on Thursday to launch its proposed amended and restated senior secured credit facility (BB+), according to a market source.

Citigroup is the lead bank on the deal.

Under the proposed amendment and restatement, the revolver size will be increased to $400 million from $175 million.

Meanwhile, the term loan B will be refinanced with a new term loan that will carry lower pricing and extend the maturity to Sept. 13, 2013.

The current term loan B, which had about $695 million outstanding at June29, carries an interest rate of Libor plus225 basis points and matures on Dec. 31, 2011. About $100 million of the outstanding term loan B debt will be repaid using proceeds from the IPO.

In addition, under the amendment and restatement, the company plans to replace the existing financial covenants with a covenant limiting the maximum total secured leverage ratio of Spirit and its subsidiaries on a consolidated basis, and remove the mandatory prepayment requirements with respect to proceeds of equity issuances.

The amendment and restatement is being done in connection with the company's initial public offering of common stock.

Spirit is a Wichita, Kan., non-OEM designer and manufacturer of aerostructures.

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