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Triumph Group secures consents to align 4 7/8% notes with 5¼% issue
By Wendy Van Sickle
Columbus, Ohio, May 17 – Triumph Group, Inc. received the requisite consents to amend the indenture of its 4 7/8% senior notes due 2021, according to a press release issued Tuesday.
In a consent solicitation that expired at 5 p.m. ET on Tuesday, Triumph sought consents to amend the indenture to make it consistent with that of its 5¼% senior notes due 2022, as previously reported.
Specifically, the company sought to amend the terms of
• The maximum amount of debt that may be incurred and the maximum amount of liens that may be permitted under the company’s credit facilities to $1,625,000,000 from $1,175,000,000;
• The maximum amount of capital lease obligations and purchase money debt permissible so as to increase this amount to $150 million from $100 million; and
• The maximum amount of debt that may be incurred under the general debt incurrence basket to $150 million from $25 million.
The company will pay $10.00 in cash for each $1,000 principal amount of notes for which consents were given under the solicitation. Settlement is expected for May 18.
Triumph expects a supplemental indenture giving effect to the amendments that is binding on all noteholders to become effective upon payment of the consent fees.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) is the lead solicitation agent. RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the solicitation agent. D.F. King & Co., Inc. (Peter Aymar, 800 581-3783 or 212 269-5550) is the information agent and tabulation agent.
Triumph is a Berwyn, Pa.-based designer, engineer, manufacturer and repairer of aircraft components and accessories.
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