TransDigm driving by with $1.45 billion seven-year secured notes; initial talk 7% area

By Paul A. Harris

Portland, Ore., Aug. 9 – TransDigm Inc. plans to price a $1.45 billion offering of senior secured notes due Dec. 15, 2030 (Ba3/B+) in a Wednesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance is in the 7% area, according to a sellside source.

The Rule 144A for life and Regulation S seven-year notes come with three years of call protection.

Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., KKR, Wells Fargo Securities LLC, Capital One Securities Inc., HSBC Securities (USA) Inc., Barclays and PNC Capital Markets LLC are the joint bookrunners.

The Cleveland-based supplier of aircraft components plans to use the proceeds to redeem all of its 6 3/8% senior subordinated notes due 2026 and all of TransDigm Holdings UK plc’s 6 7/8% senior subordinated notes due 2026.

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