Triumph Group Announces Amendment of Revolving Credit Facility
WAYNE, Pa.--(BUSINESS WIRE)--Oct. 24, 2006--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 term.
The amendment increased the company's unsecured revolving credit facility from $250,000,000 to $350,000,000 and also extended the term of the credit facility by one year, through June 30, 2011. The interest rate on the credit facility fluctuates between LIBOR plus 62.6 and 200 basis points based on certain financial measurements. The company intends to use the facility for working capital purposes, internal growth initiatives, funding of future acquisitions and other general corporate purposes.
Richard C. Ill, Triumph's President and Chief Executive Officer, said, "This new unsecured facility, along with the proceeds from our recently announced sale of convertible senior subordinated notes, provides us with greater financial flexibility to support our strategic vision of continued long-term growth while maintaining a strong and healthy balance sheet."
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. 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 Internet at http://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, 2006.
CONTACT: Triumph Group, Inc.
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SOURCE: Triumph Group, Inc.