S&P rates TransDigm loan B+

S&P said it assigned its B+ issue-level ratings to TransDigm Inc.'s proposed $2.221 billion term loan E due 2025, $3.524 billion term loan F due 2025 and $1.778 billion term loan G due 2024. The recovery rating is 3, which indicates the expectation for meaningful (50%-70%; rounded estimate 55%) recovery in a default scenario.

The company expects to use the proceeds to refinance its existing $2.221 billion term loan E due 2025, $3.524 billion term loan F due 2023 and $1.778 billion term loan G due 2024. “This will not increase the company's debt, and will modestly improve the interest expense, while pushing out the maturity on the term loan F. Overall, this transaction has no impact on our expectations for the company,” said S&P in a press release.

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