An anonymous director reports
SPIRIT AEROSYSTEMS, INC. COMPLETES REFINANCING OF ITS SENIOR SECURED CREDIT FACILITIES
Onex Inc.'s subsidiary, Spirit AeroSystems, Inc., has closed a refinancing of its senior secured credit facilities. The new facilities include a $650-million revolving credit facility maturing in 2017, extended from 2014 under the prior facility, and a $550-million term loan B maturing in 2019, which replaced the prior term loan that was scheduled to mature in two tranches in 2013 and 2016. The revolving loan, which was undrawn at closing, was priced at Libor plus 2.25 per cent, subject to adjustment to between Libor plus 1.75 per cent and Libor plus 2.50 per cent based on changes in the company's debt-to-EBITDA (earnings before interest, taxes, depreciation and amortization) ratio. The term loan B was priced at Libor plus 3.00 per cent, subject to a stepdown to Libor plus 2.75 per cent in the event the company's secured debt-to-EBITDA ratio is below 1:1 at any time following the company's fourth fiscal quarter of 2012.
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