Artwise Trading Limited - Spirit AeroSystems shares slump as the company seeks to raise cash

Spirit AeroSystems (SPR) shares plunged more than 9% in early trade Wednesday after the Boeing supplier revealed intentions to raise money in the wake of manufacturing difficulties that caused aircraft deliveries to be delayed.
QUARRY BAY, Hong Kong - Nov. 14, 2023 - PRLog -- The aviation components provider intends to raise $200 million through the issuance of ordinary shares and another $200 million through convertible debt maturing on November 1, 2028.

Spirit, a key manufacturer of massive aircraft structures such as wings and fuselages for Boeing and Airbus, was involved in defects that hampered Boeing deliveries, resulting in higher supply chain and labor costs and a net loss of $692 million for the first nine months of 2023.

Spirit said last month that it had formed a deal with Boeing to boost its production system and shorten its supply chain. Nonetheless, Spirit reduced its projection for 737 narrowbody fuselage deliveries to Boeing to 345-360 units, down from 370-390 units.

In an earnings call, Interim CEO Patrick Shanahan stated that achieving a comparable arrangement with other clients such as Airbus was of "utmost urgency."

Spirit AeroSystems shares are down a fourth of their value this year, thanks to Wednesday's losses.

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