Spirit AeroSystems is in the market for an amendment to its existing $875 million credit facility in conjunction with an initial public offering. Led by Citigroup, the amendment will increase the company's revolver by $225 million and change pricing on a $700 million term loan "B," according to a banker.
Originally launched July 2005, the credit consists of a $175 million revolver and a $700 million term loan "B." Both were originally priced at LIBOR plus 2 1/4%. The amendment will increase the revolver to $400 million and drop pricing on the term loan "B" to LIBOR plus 1 3/4%, according to a banker.
The company announced its IPO in October and plans for shares to price in the range of $23 to $25, valuing the company at approximately $3.2 billion. Spirit AeroSystems, based in Wichita, Kan., is a supplier of products and services for commercial airplanes. Calls to a company spokeswoman were not returned by press time.