Onex Corporation
TSX : OCX

Onex Corporation

November 21, 2006 07:00 ET

Onex Subsidiary Spirit AeroSystems to Complete US$1.43 Billion IPO

TORONTO, ONTARIO and NEW YORK, NEW YORK--(CCNMatthews - Nov. 21, 2006) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX) announced today that its subsidiary Spirit AeroSystems Holdings, Inc. intends to complete an initial public offering of 55.1 million shares of class A common stock at a price of US$26 per share. The offering consists of approximately 10.4 million treasury shares offered by Spirit AeroSystems for expected gross proceeds of US$270.8 million and 44.7 million shares offered by selling stockholders, including Onex, for expected gross proceeds of US$1.16 billion. The selling stockholders have also granted to the underwriters in the offering an over-allotment option to purchase up to approximately 8.25 million additional shares at the offering price. The offering is expected to close on November 27, 2006 and the stock will be listed on the New York Stock Exchange under the symbol SPR.

Following the completion of the offering, Onex and its co-investors will continue to hold 71.8 million shares of Spirit AeroSystems' common stock valued at US$1.87 billion at the offering price. If the over-allotment option is exercised in full, Onex and its co-investors will continue to own 64.2 million shares valued at US$1.67 billion at the offering price.

A registration statement relating to these securities was declared effective by the United States Securities and Exchange Commission on November 20, 2006. This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A written prospectus relating to the offering may be obtained from: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, tel: +1-800-221-1037; Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad Street, New York, NY 10004; fax: +1-212-902-9316, or email at prospectus-ny@ny.email.gs.com; Morgan Stanley, 180 Varick Street 2/F, New York, NY 10014, tel: +1-866-718-1649, or email at prospectus@morganstanley.com.

Onex manages third party private equity investments through the Onex Partners and ONCAP family of funds. It also manages a real estate fund and a public market fund. Through these activities Onex generates annual management fee income and is entitled to a carried interest on approximately US$3.5 billion of third party capital.

Onex is a diversified company with annual consolidated revenues of approximately $19 billion and consolidated assets of approximately $15 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.

For more information on Onex, visit its web site at www.onex.com.

Onex's security filings also can be accessed at www.sedar.com.

Contact Information

  • Onex Corporation
    Nigel S. Wright
    (416) 362-7711
    or
    Onex Corporation
    Seth M. Mersky
    (416) 362-7711
    Website: www.onex.com