Cirrus Design $100 mil. Financing

There will be a special meeting of Cirrus shareholders on 8/21 to approve a financing package of $100,337,000. New equity is $82,837,000 and new debt is $17,500,000.

$22.6 million will be paid out to existing shareholders, $55.5 million will repay all outstanding debt except for mortgages and capital leases and the balance of $22.2 million will be used to accelerate production and continue product development.

The General Aviation Manufacturers Association figures show that Cirrus delivered 32 planes in the 1st Q of 2001 and 53 in the 2nd Q. For the first six months - 43 SR20’s and 42 SR22’s.

If these equity numbers Jim mentions are correct, it would appear that Cirrus in effect will have a new controlling shareholder or shareholders. Investors of $82 million of equity dollars like to call the shots.

Anybody have any details on the new ownership?

Pete

There will be a special meeting of Cirrus shareholders on 8/21 to approve a financing package of $100,337,000. New equity is $82,837,000 and new debt is $17,500,000.

$22.6 million will be paid out to existing shareholders, $55.5 million will repay all outstanding debt except for mortgages and capital leases and the balance of $22.2 million will be used to accelerate production and continue product development.

If I tell you, you won’t like it… 56% ownership…

If these equity numbers Jim mentions are correct, it would appear that Cirrus in effect will have a new controlling shareholder or shareholders. Investors of $82 million of equity dollars like to call the shots.

Anybody have any details on the new ownership?

Pete

There will be a special meeting of Cirrus shareholders on 8/21 to approve a financing package of $100,337,000. New equity is $82,837,000 and new debt is $17,500,000.

$22.6 million will be paid out to existing shareholders, $55.5 million will repay all outstanding debt except for mortgages and capital leases and the balance of $22.2 million will be used to accelerate production and continue product development.