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Triumph Group Completes Refinancing Transactions
August 18, 2020
Triumph Group, Inc. (NYSE: TGI) ("Triumph" or the "Company") today announced the consummation of a series of strategic refinancing transactions, including the closing of its previously announced offering of $700.0 million of its 8.875% senior secured first lien notes due 2024 (the "Notes"), the repayment and termination of its revolving credit facility and amendments to its receivables securitization facility.
The Company raised $688.5 million in net proceeds from the offering, of which $335.6 million was used to repay and retire the loans and other amounts outstanding under its revolving credit facility and the remainder was used to cash collateralize the letters of credit issued under the revolving credit facility and existing cash management obligations, to pay accrued interest, fees and expenses, and to increase the Company's available cash for general corporate purposes. In connection with the repayment of its revolving credit facility, the Company also terminated all commitments thereunder.
On August 17, 2020, the Company also entered into amendments to its receivables securitization facility to reduce the maximum facility size from $75.0 million to $50.0 million and to provide the Company with greater flexibility by removing covenants that require the Company to maintain certain financial ratios.
The Notes were offered in a private placement to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Notes have not been registered under the Securities Act, or state securities laws and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
The Company, 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.
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