Spirit AeroSystems Enters Agreements with Boeing – Adjusts Outstanding Advances

On January 22, 2025, Spirit AeroSystems Holdings, Inc. (NYSE: SPR) entered into significant agreements with The Boeing Company, as outlined in an 8-K filing submitted to the Securities and Exchange Commission. Spirit AeroSystems, a subsidiary of Spirit AeroSystems Holdings, finalized Amendment 2 to Memorandum of Agreement, amending the parties’ April 18, 2024 Memorandum of Agreement, replacing Article 5 “Repayment.” The amendment stipulates that Spirit will repay Boeing $425.0 million of outstanding advances under the April 2024 MOA in installments, with the final repayment date set for September 1, 2026.

Additionally, on the same date, Spirit AeroSystems and Boeing signed Amendment 2 to the 737 Production Rate Advance Memorandum of Agreement dated April 28, 2023. This amendment concerns the repayment of $180.0 million of outstanding advances under the April 2023 MOA in installments, with the final repayment date set for December 1, 2027.

The agreements further outline that in the event of termination of the Agreement and Plan of Merger dated June 30, 2024, between Spirit AeroSystems Holdings, Inc., Boeing, and Sphere Acquisition Corp., the outstanding advances under the amended agreements will become due and payable in full on specific dates.

With these recent developments, Spirit AeroSystems demonstrates a commitment to its financial obligations and strategic partnerships. The precision of repayment schedules and conditions set in these agreements aims to ensure clear financial planning and adherence to contractual obligations between the involved parties.

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Note: The information provided in this article is based on the Form 8-K filed with the Securities and Exchange Commission by Spirit AeroSystems Holdings, Inc. and is accurate as of the date of the report. Any further updates will be communicated accordingly.

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.

Spirit AeroSystems Company Profile

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.