Spirit AeroSystems (SPR) announces a Second Amended and Restated Memorandum of Agreement with Airbus (EADSY), in which Airbus has agreed to provide Spirit a non-interest-bearing line of credit in an amount of $107M. Spirit will use the line of credit as advance payments in connection with production for various Airbus programmes and the continued delivery of certain products to Airbus by Spirit. Per the agreement, amounts drawn under the line of credit, and the related repayment obligations, will be directly or indirectly assumed by Airbus or one of its affiliates upon the closing of the transactions contemplated by the term sheet, dated June 30, 2024, between Spirit and Airbus SE, or, if earlier, will be repaid to Airbus on April 1, 2026.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPR:
- Boeing (NYSE:BA) Gives $350 Million to Spirit AeroSystems
- Spirit AeroSystems announces Advance Payments Agreement with Boeing
- Boeing (NYSE:BA) Is Planning to Bail Out Spirit AeroSystems
- Boeing close to funding agreement to help Spirit AeroSystems, Reuters reports
- Spirit Aerosystems Faces Financial Turbulence Amid Merger Costs and Airbus Disposition