Triumph Group, Inc. (NYSE: TGI) has announced the pricing of USD 700 million aggregate principal amount of its 8.875% senior secured first lien notes due 2024, the company said.
The Notes are guaranteed by the same subsidiaries that guaranty certain of Triumph´s other indebtedness, including its 5.250% Senior Notes due 2022, 6.250% Senior Secured Notes due 2024 and 7.750% Senior Notes due 2025.
The Notes and the Guarantees are secured, subject to permitted liens, by first-priority liens on substantially all of the Company´s and the Guarantors´ assets, including certain of the Company´s real property. The collateral also secures the 2024 Notes on a second lien basis. The offering of the Notes is expected to close on August 17, 2020, subject to customary closing conditions.
The Company intends to use the net proceeds from the Notes Offering to repay the loans and other amounts outstanding under and terminate its revolving credit facility and to cash collateralize the letters of credit issued thereunder, to pay accrued interest, fees and expenses, and to increase its available cash for general corporate purposes.
Triumph, headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.