BERYWN, Pa., Aug. 17, 2020
/PRNewswire/ -- Triumph Group, Inc. (NYSE: TGI) ("Triumph" or
the "Company") today announced the consummation of a series of
strategic refinancing transactions, including the closing of its
previously announced offering of $700.0
million of its 8.875% senior secured first lien notes due
2024 (the "Notes"), the repayment and termination of its revolving
credit facility and amendments to its receivables securitization
facility.
The Company raised $688.5 million
in net proceeds from the offering, of which $335.6 million was used to repay and retire the
loans and other amounts outstanding under its revolving credit
facility and the remainder was used to cash collateralize the
letters of credit issued under the revolving credit facility and
existing cash management obligations, to pay accrued interest, fees
and expenses, and to increase the Company's available cash for
general corporate purposes. In connection with the repayment of its
revolving credit facility, the Company also terminated all
commitments thereunder.
On August 17, 2020, the Company
also entered into amendments to its receivables securitization
facility to reduce the maximum facility size from $75.0 million to $50.0
million and to provide the Company with greater flexibility
by removing covenants that require the Company to maintain certain
financial ratios.
The Notes were offered in a private placement to qualified
institutional buyers pursuant to Rule 144A and Regulation S under
the Securities Act of 1933, as amended (the "Securities Act"). The
Notes have not been registered under the Securities Act, or state
securities laws and may not be offered or sold in the United States absent registration or
pursuant to an applicable exemption from the registration
requirements of the Securities Act and any applicable state
securities laws.
About Triumph
The Company, headquartered in Berwyn,
Pennsylvania, designs, engineers, manufactures, repairs and
overhauls a broad portfolio of aerospace and defense systems,
components and structures. The company serves the global aviation
industry, including original equipment manufacturers and the full
spectrum of military and commercial aircraft operators.
Forward Looking Statements
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, including statements
about the Notes Offering and the intended use of proceeds. 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 the Company's reports filed with the SEC, including its
Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and its Quarterly Report on Form
10-Q for the quarter ended June 30,
2020.
Widespread health developments, including the recent global
coronavirus (COVID-19), and the responses thereto (such as
voluntary and in some cases, mandatory quarantines as well as shut
downs and other restrictions on travel and commercial, social and
other activities) could adversely and materially affect, among
other things, the economic and financial markets and labor
resources of the countries in which the Company operates, its
manufacturing and supply chain operations, commercial operations
and sales force, administrative personnel, third-party service
providers, business partners and customers and the demand for its
products, which could result in a material adverse effect on its
business, financial conditions and results of operations.
View original
content:http://www.prnewswire.com/news-releases/triumph-group-completes-refinancing-transactions-301113443.html
SOURCE Triumph Group