Chicago, Aug. 5 – Triumph Group, Inc. sold an upsized $700 million issue of 8 7/8% senior secured first-lien notes due 2024 (B2/B) in a Rule 144A and Regulation S transaction, according to a news release on Tuesday.
The issue size was expected to be $600 million.
The notes are guaranteed by the company’s subsidiaries.
Proceeds will be used to repay amounts outstanding under and terminate Triumph’s revolving credit facility and to cash collateralize the letters of credit issued thereunder, to pay accrued interest, fees and expenses, and to increase its available cash for general corporate purposes.
Triumph Group is a Berwyn, Pa.-based designer, engineer and manufacturer of aerospace and defense systems, components and structures.
| Issuer: | Triumph Group Inc.
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| Issue: | Secured notes
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| Amount: | $700 million
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| Maturity: | 2024
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| Coupon: | 8 7/8%
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| Pricing date: | Aug. 5
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| Settlement date: | Aug. 17
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| Ratings: | Moody’s: B2
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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