Spirit AeroSystems Enters into Key Credit Agreement Amendments

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) and its related entities recently finalized crucial credit agreement amendments. The agreements, disclosed on February 14, 2025, involve the company, Spirit AeroSystems, Inc., and Spirit AeroSystems North Carolina, Inc. in collaboration with Morgan Stanley Senior Funding, Inc. and Bank of America, N.A.

The first amendment, known as the First Amendment to Delayed-Draw Bridge Credit Agreement, was made with Morgan Stanley Senior Funding, Inc. as the lender and administrative agent. This amendment pertains to the Operating Company’s Delayed-Draw Bridge Credit Agreement, which was initially established on June 30, 2024. The second amendment, the Third Amendment to Term Loan Credit Agreement, was executed with Bank of America, N.A. as the administrative agent and the attending lenders.

The primary alteration in these agreements eradicated the prerequisite that the audit opinion regarding the Company’s annual financial statements for the fiscal year ending December 31, 2024, should not include a “going concern” qualification.

It is essential to note that the summary provided above does not encompass all the particulars of the agreements. Interested parties are encouraged to reference the official documents, including the Bridge Credit Agreement Amendment filed as Exhibit 10.1 and the TLB Credit Agreement Amendment filed as Exhibit 10.2.

Furthermore, some agents and lenders under the prior credit agreements and their affiliates have previously offered commercial banking, financial advisory, and investment banking services to the Company and its affiliates. An affiliate of Morgan Stanley Senior Funding, Inc. currently acts as a financial advisor to the Company for the Merger Agreement Transactions and the dealings delineated by the term sheet dated June 30, 2024, between the Operating Company and Airbus SE.

In compliance with item 9.01, the financial statements and relevant exhibits are being disclosed according to SEC regulations. The exhibits included in the report are the First Amendment to Delayed-Draw Bridge Credit Agreement and the Third Amendment to Term Loan Credit Agreement.

This substantial development highlights Spirit AeroSystems’ strategic financial maneuvering and ongoing efforts to fortify its financial position and operations in the aerospace industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Spirit AeroSystems’s 8K filing here.

About Spirit AeroSystems

Spirit AeroSystems Holdings, Inc engages in the design, engineering, manufacture, and marketing of commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Space, and Aftermarket. The Commercial segment offers forward, mid, and rear fuselage sections and systems, floor beams, nacelles, struts/pylons, horizontal and vertical stabilizers, flaps and slats flight control surfaces, wing structures, and wing systems.