BERWYN, Pa.--(BUSINESS WIRE)--Nov. 19, 2013--
Triumph Group, Inc. (NYSE:TGI) today announced that it has
raised $375 million by entering into a Bank Term Loan with a maturity
date of May, 2019 with its bank lending group, led by PNC Bank.
Concurrently, the company amended its existing $1.0 billion revolving
credit agreement to modify the fee structure and extend the maturity by
The amendment increased the accordion feature to $250 million and
extended the term through November, 2018. The amendment results in a
more favorable pricing grid and a more streamlined package of covenants
and restrictions. The company intends to use the proceeds to immediately
retire its $175 million Senior Subordinated Notes Due 2017 and pay off
existing indebtedness under the credit facility.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“These transactions will create immediate savings and the 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 Berwyn, 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 http://www.triumphgroup.com.
Source: Triumph Group, Inc.
Triumph Group, Inc.