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Spirit AeroSystems Holdings, Inc. (NYSE: SPR) is headquartered in Wichita, Kansas, USA, and is one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. The company's extensive footprint spans facilities in Tulsa and McAlester, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France.
Spirit AeroSystems specializes in producing aerostructures, notably fuselages, cockpits, wing components, engine pylons, and nacelles. It serves both the commercial and military aviation sectors. Since its spin-off from Boeing in 2005, Spirit has become the largest independent supplier of aerostructures for commercial aircraft, with Boeing and Airbus as its primary customers. Boeing accounted for approximately 60% of revenue, while Airbus contributed around 20% in recent years.
In the US, Spirit's core products include fuselages, pylons, nacelles, and wing components. The company also provides aftermarket services such as spare parts, maintenance, repair, and overhaul (MRO), and fleet support services across North America, Europe, and Asia. In Europe, Spirit manufactures wing components for Airbus among other customers.
Recent achievements and ongoing projects underscore Spirit's commitment to innovation and quality. Notable updates include the completion of a tender offer for its 7.500% Senior Secured Second Lien Notes due 2025, and organizational changes focused on enhancing quality and operational performance. In 2023, Spirit reported a significant increase in revenue due to higher production deliveries and favorable pricing adjustments on the Boeing 787 program.
The company is currently engaged in discussions with Boeing about a possible acquisition, although no definitive agreement has been reached. This potential transaction reflects Spirit's strategic efforts to further enhance shareholder value.
With a robust backlog of $49 billion, Spirit AeroSystems continues to adapt and evolve, leveraging its decades of design and manufacturing expertise to remain a reliable supplier of military aerostructures and high-temperature materials crucial for complex missions. The company's financial outlook remains cautious, reflecting ongoing negotiations and production adjustments in collaboration with key partners like Boeing and Airbus.
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
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.
Spirit AeroSystems reported a 30% increase in third quarter 2022 revenue to $1.3 billion, driven mainly by higher Boeing 737 deliveries. However, the company faced a net loss of $128 million and an EPS of $(1.22). Operating income improved to $4.5 million from a loss of $156.6 million year-over-year. Cash used in operations was $36 million, a significant drop from $211 million in the same period last year. Spirit is implementing a cost optimization program to enhance profitability and expects a favorable cash impact of up to $150 million in 2023 from pension terminations.
Spirit AeroSystems, Inc. (NYSE: SPR) has signed a Memorandum of Understanding (MOU) with Joramco at MRO Europe in London. This partnership aims to enhance services for composite and metallic aerostructures in the Middle East. Both companies will collaborate to develop new repair processes, leveraging Joramco's extensive experience and certifications from regulatory bodies like the FAA and EASA. Spirit's Aftermarket business has shown growth, with revenues increasing from $186 million in 2019 to $239.9 million in 2021, following important acquisitions in Belfast and Casablanca.
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