BERWYN, Pa.--(BUSINESS WIRE)--May. 23, 2012--
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 $850 million to $1 billion with a $50 million accordion feature and
also extended the term through May 23, 2017. 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 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 new
agreement will create immediate savings and the increased size and
extended term will allow Triumph 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.
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, 2011.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila Spagnolo, Vice President