03:34 PM EST - Onex Corp. : reports that it is cashing another US$1.1 billion out of its investment in the former Boeing Wichita/Tulsa airliner division, which it bought less than two years ago for C$1.5 billion. The secondary share offering raises the proceeds to Onex and its co-investors in what now is known as Spirit AeroSystems Holdings Inc. to US$2.2 billion, or close to C$2.4 billion. Onex, which arranged an initial equity investment of C$470 million in June 2005, plus assumption of debt - will still hold Spirit stock with a current value of close to US$1.2 billion, or C$1.3 billion. The Toronto-headquartered conglomerate controlled by Gerald Schwartz said Tuesday that Spirit (NYSE:SPR) will complete the offering of 31.5 million shares at US$33.50 per share. Spirit itself its not issuing any new stock and will receive none of the proceeds. Onex and its co-investors will sell 29.2 million shares, with the underwriters expected to exercise an overallotment option on about 3.2 million more shares. Onex Corp.
shares OCX:CA are trading up twenty five cents at $41.30.
