WAYNE, Pa.--(BUSINESS WIRE)--Dec. 2, 2002--Triumph Group, Inc.
(NYSE:TGI) announced today that it has raised $150 million by issuing
two series of ten-year senior notes in the U.S. private placement
Concurrently Triumph amended its unsecured senior credit facility
to reduce the credit limit from $350 million to $250 million and to
extend the expiration date thereof from June 13, 2004 through December
13, 2006 with its bank lending group, lead by PNC Bank. The proceeds
from the private placement will be used to pay off existing
indebtedness under the credit facility.
John R. Bartholdson, Senior Vice President and Chief Financial
Officer of Triumph said, "These transactions enable the Company to
take advantage of very attractive long term rates of interest, while
providing continued access to capital through the credit line to grow
our current businesses and maintain our aggressive acquisition
Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls aircraft components and
industrial gas turbine components and accessories.
The Company serves a broad, worldwide spectrum of the aviation
industry, including commercial airlines and air cargo carriers, as
well as original equipment manufacturers of aircraft and aircraft
components and power generation equipment. The Company also
distributes, processes and fabricates metal products.
More information about Triumph can be found on the World Wide Web
Site at http://www.triumphgroup.com.
Statements which are not historical facts, including statements
regarding the effect of restructuring of debt on the Company's
prospects for internal growth and its acquisition program, contained
in this release are forward-looking statements under the provision of
the Private Securities Litigation Reform Act of 1995.
All forward-looking statements involve risks and uncertainties
including statements regarding the outlook for continued opportunities
for future growth. The company wishes to caution readers that several
important factors 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 Form 10-K for the
year ended March 31, 2002.
||Triumph Group, Inc., Wayne
||John Bartholdson, 610/251-1000