{"id":11826,"date":"2023-11-09T20:32:02","date_gmt":"2023-11-09T20:32:02","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/spirit-aero-shares-fall-on-new-capital-raise-plans\/"},"modified":"2023-11-09T20:32:03","modified_gmt":"2023-11-09T20:32:03","slug":"spirit-aero-shares-fall-on-new-capital-raise-plans","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11826","title":{"rendered":"Spirit Aero shares fall on new capital raise plans"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS\/Benoit Tessier\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Chibuike Oguh<\/p>\n

NEW YORK (Reuters) -Shares of Spirit AeroSystems (NYSE:) dropped nearly 15% on Wednesday, a day after the aerospace supplier unveiled debt and stock offerings to raise up to $400 million to bolster its dwindling balance sheet.<\/p>\n

Spirit plans to raise $200 million via the sale of Class A common stock and issue $200 million in convertible debt maturing in 2028, the company said after the closing bell on Tuesday.<\/p>\n

Its stock fell as low as $20.98 following the news, bringing its year-to-date losses to about 25%. It was last down 9.3% on the day. <\/p>\n

The median price target of the 18 analysts covering Spirit is $29, up from $26 in October, and their current recommendation is “buy,” LSEG data showed.<\/p>\n

A Spirit spokesperson did not immediately respond to a request for comment.<\/p>\n

Spirit is a major supplier of large aircraft parts such as wings and fuselages for manufacturers including Boeing (NYSE:) and Airbus. Persistent production quality problems have slowed aircraft deliveries. <\/p>\n

Last week, Spirit projected higher-than-expected cash burn for 2023, forcing it to slash anticipated deliveries of 737 fuselages. Free cash burn will range from $275 million to $325 million for 2023, up from a previous range of $200 million to $250 million, it said.<\/p>\n

The company ended the third quarter with a cash balance of $374.1 million and debt of $3.8 billion.<\/p>\n

Spirit’s capital raise is a “prudent move” that should bolster liquidity despite adding about $14 million in annualized interest expense and diluting its outstanding shares, Truist Securities analysts led by Michael Ciarmoli said in an investor note. Truist recommends holding the stock.<\/p>\n

Spirit on Wednesday launched, as expected, a $1.2 billion debt offering for senior notes maturing in 2030. Net proceeds will be used to repay $1.2 billion of senior notes due 2025.<\/p>\n

In October, Spirit named former Boeing executive Patrick Shanahan as interim chief executive, replacing Tom Gentile, who stepped down following a series of supply chain challenges and production defects. Shanahan is a former U.S. deputy secretary of defense.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International…<\/p>\n","protected":false},"author":1,"featured_media":1655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-11826","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nSpirit Aero shares fall on new capital raise plans | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11826\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spirit Aero shares fall on new capital raise plans | inFundPros\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=11826\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-09T20:32:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-09T20:32:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXNPEC0E0NG_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=11826#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=11826\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Spirit Aero shares fall on new capital raise plans\",\"datePublished\":\"2023-11-09T20:32:02+00:00\",\"dateModified\":\"2023-11-09T20:32:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=11826\"},\"wordCount\":364,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Stocks\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=11826#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=11826\",\"url\":\"https:\/\/infundpros.com\/?p=11826\",\"name\":\"Spirit Aero shares fall on new capital raise plans | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-09T20:32:02+00:00\",\"dateModified\":\"2023-11-09T20:32:03+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=11826#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=11826\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=11826#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Spirit Aero shares fall on new capital raise plans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Spirit Aero shares fall on new capital raise plans | inFundPros","description":"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=11826","og_locale":"en_US","og_type":"article","og_title":"Spirit Aero shares fall on new capital raise plans | inFundPros","og_description":"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le","og_url":"https:\/\/infundpros.com\/?p=11826","og_site_name":"inFundPros","article_published_time":"2023-11-09T20:32:02+00:00","article_modified_time":"2023-11-09T20:32:03+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXNPEC0E0NG_L.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=11826#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=11826"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Spirit Aero shares fall on new capital raise plans","datePublished":"2023-11-09T20:32:02+00:00","dateModified":"2023-11-09T20:32:03+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=11826"},"wordCount":364,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Stocks"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=11826#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=11826","url":"https:\/\/infundpros.com\/?p=11826","name":"Spirit Aero shares fall on new capital raise plans | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-09T20:32:02+00:00","dateModified":"2023-11-09T20:32:03+00:00","description":"\u00a9 Reuters. FILE PHOTO: A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=11826#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=11826"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=11826#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Spirit Aero shares fall on new capital raise plans"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11826"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11826\/revisions"}],"predecessor-version":[{"id":11827,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11826\/revisions\/11827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/1655"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}