Moody's assigns TransDigm notes B3

Moody's Investors Service said it assigned a B3 rating to TransDigm Inc.'s new senior subordinated notes.

All other ratings, including the B1 corporate family rating and the B1-PD probability of default rating, are unchanged.

“The B3 rating for the company's senior subordinated notes is two notches below the CFR and reflects the subordination of this debt relative to the aforementioned first-lien debt. Both the bank credit facilities and the subordinated notes are guaranteed by all of TransDigm's existing and future domestic subsidiaries, as well as the company's holding company parent TransDigm Group Inc. (TDG),” Moody’s said in a press release.

Proceeds will be used to refinance its $750 million of senior subordinated notes due 2025. The ratings on the 2025 notes will be withdrawn upon close, Moody’s said.

The outlook remains negative.

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