CLEVELAND,
May 14, 2015 /PRNewswire/
-- TransDigm Group Incorporated (the "Company") (NYSE: TDG)
announced today that it completed the acquisition of the assets of
the aerospace business of Pexco LLC ("Pexco Aerospace"), a
portfolio company of Odyssey Investment Partners, LLC, for
approximately $496 million in cash.
The acquisition was previously announced on April 30, 2015.
Pexco Aerospace is a global leader in the manufacturing of
extruded plastic interior parts for use in the commercial aerospace
industry. The business employs approximately 300 people in two
locations in Yakima, Washington
and Huntington Beach, California. The purchase price includes
approximately $160 million of tax
benefits to be realized by TransDigm over a 15 year period
beginning in 2015.
The Company also announced today that its wholly-owned
subsidiary, TransDigm Inc., received the funding of an additional
incremental term loan of $1.04
billion at a current rate of 3.5% and that it has
successfully completed the previously announced private offering of
$450 million aggregate principal
amount of 6.500% senior subordinated notes due 2025 (the "Notes").
The proceeds were used to partially fund the acquisition of Pexco
Aerospace, to repay $490 million of
previously outstanding term loans under its existing senior secured
credit facility, amounts previously drawn under its revolving
credit facilities and for general corporate purposes.
The Notes and related guarantees were offered only to
qualified institutional buyers in reliance on the exemption from
registration set forth in Rule 144A under the Securities Act of
1933 (the "Securities Act"), and outside the United States to non-U.S. persons in
reliance on the exemption from registration set forth in Regulation
S under the Securities Act. The Notes and the related guarantees
have not been registered under the Securities Act, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United
States without registration or an applicable exemption from
the Securities Act, applicable state securities or blue sky laws
and foreign securities laws.
This press release shall not constitute an offer to sell,
or the solicitation of an offer to buy, any securities, nor shall
there be any sales of securities mentioned in this press release in
any state or foreign jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or foreign
jurisdiction.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is
a leading global designer, producer and supplier of highly
engineered aircraft components for use on nearly all commercial and
military aircraft in service today. Major product offerings,
substantially all of which are ultimately provided to end-users in
the aerospace industry, include mechanical/electro-mechanical
actuators and controls, ignition systems and engine technology,
specialized pumps and valves, power conditioning devices,
specialized AC/DC electric motors and generators, NiCad batteries
and chargers, engineered latching and locking devices, rods and
locking devices, engineered connectors and elastomers, cockpit
security components and systems, specialized cockpit displays,
aircraft audio systems, specialized lavatory components, seatbelts
and safety restraints, engineered interior surfaces, lighting and
control technology and military personnel parachutes and cargo
loading, handling and delivery systems.
Safe Harbor Statement
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. All forward-looking statements involve risks and
uncertainties that could cause its actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of the Company. These risks and
uncertainties include but are not limited to: the conditions of the
debt markets; interest rate changes; the Company's compliance with
its debt covenants; local, regional, national and international
economic conditions; the inability to complete or successfully
integrate the acquisition; that the expected tax benefits are not
realized; that the acquired business does not perform in accordance
with our expectations; and other factors. Further information
regarding the important factors that could cause actual results to
differ materially from projected results can be found in the
Company's Annual Report on Form 10-K and other reports that the
Company or its subsidiaries have filed with the Securities and
Exchange Commission. Except as required by law, the Company
undertakes no obligation to revise or update any forward-looking
statements contained in this press release.
Contact:
|
Liza Sabol
|
|
Investor
Relations
|
|
(216)
706-2945
|
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ir@transdigm.com
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SOURCE TransDigm Group Incorporated