By Paul A. Harris
Portland, Ore., Aug. 8 – Triumph Group, Inc. priced a $500 million issue of eight-year senior notes (B3/B-) at par to yield 7¾% on Tuesday, according to a market source.
The yield printed on top of yield talk in the 7¾% area.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners.
The Berwyn, Pa.-based designer and manufacturer of aircraft structures and components plans to use the proceeds to repay amounts outstanding under its credit facilities.
| Issuer: | Triumph Group, Inc.
|
| Amount: | $500 million
|
| Maturity: | Aug. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 557 bps
|
| Call protection: | Three years
|
| Trade date: | Aug. 8
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
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