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TransDigm begins tender offer, consent solicitation for 7¾% notes
By Angela McDaniels
Tacoma, Wash., Nov. 30 - TransDigm Group Inc. subsidiary TransDigm Inc. has begun a tender offer and consent solicitation for its 7¾% senior subordinated notes due 2014, according to a company news release.
The proposed amendments to the indentures would eliminate substantially all of the restrictive covenants and some events of default. Consents are needed from holders of at least a majority of the notes in order to make the changes.
Holders who tender will be deemed to have consented to the proposed amendments, and holders may not deliver consents without tendering their notes.
The company is offering $1,042 per $1,000 principal amount of notes. This includes a consent payment of $30 for each note tendered by 5 p.m. ET on Dec. 13, the consent expiration.
Holders will also receive accrued interest up to but excluding the payment date.
The offer will expire at midnight ET on Dec. 28.
The offer is subject to the receipt of consents from the holders of at least a majority of the notes, the execution of a supplement indenture containing the amendments, the completion of some planned financing transactions and the receipt of enough proceeds from the transactions to pay for the tendered notes, to fund the company's McKechnie acquisition and to repay some amounts under the company's senior secured credit facility.
The dealer managers and solicitation agents are UBS Securities LLC (888 719-4210 or 203 719-4210) and Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 800 470-3800).
TransDigm is a Cleveland-based maker of aircraft components.
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