Triumph Group Announces Amendment of Revolving Credit Agreement
WAYNE, Pa., Apr 06, 2011 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) today announced an amendment to its existing revolving credit agreement which increased the size, modified the fee structure and extended the maturity to five years.
The amendment increased the company's secured revolving credit facility from $535 million to $850 million with a $50 million accordion feature and also extended the term through April 5, 2016. The amendment results in a more favorable pricing grid and a more streamlined package of covenants and restrictions. The company intends to use the facility to immediately retire its $350 million Term Loan B and for working capital purposes, internal growth initiatives, funding of future acquisitions and other general corporate purposes.
Richard C. Ill, Triumph's Chairman and Chief Executive Officer, said, "We are very pleased with the amendment to our bank facility. The retirement of the Term Loan B will create immediate savings and the increased size and extended term will allow Triumph to continue to execute our plans for investing in our businesses and for pursuing acquisitions. We appreciate the long term support of our bank group and our lead bank, PNC."
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company's website at www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties which could affect the company's actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph's reports filed with the SEC, including our Annual Report on Form 10-K for the year ended March 31, 2010.
SOURCE: Triumph Group, Inc.
Triumph Group, Inc.
Sheila Spagnolo, Vice President