TransDigm Group INC (TDG): debt financing — TransDigm issues $2B of secured debt to fund CPI Electron Device acquisition, general purposes

TransDigm Group INC

$1B of 7.125% Senior Secured Notes due Dec 1, 2031 issued at 99.250% of par.
$1B of new Tranche J term loans maturing Feb 28, 2031, bearing SOFR + 3.25%.
Proceeds alongside cash to fund acquisition of Communications & Power Industries Electron Device Business.
Notes and term loans are senior secured obligations; covenants limit additional debt, dividends, asset sales.
TransDigm may use remaining proceeds for general corporate purposes, including potential M&A or stock buybacks.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TransDigm Group INC incurred senior notes of $1,000 million with The Bank of New York Mellon Trust Company, N.A. at 7.125% per annum maturing December 1, 2031.

Instrument: senior notes
Principal: $1,000 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 7.125% per annum
Maturity: December 1, 2031
Event: incurrence

Exact text from the filing

TransDigm issued $1,000 million in aggregate principal amount of the Notes at an issue price of 99.250% of the principal amount thereof

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TransDigm Group INC incurred term loan of $1,000 million with Goldman Sachs Bank USA at Adjusted Term SOFR plus an applicable margin of 3.25% maturing February 28, 2031.

Instrument: term loan
Principal: $1,000 million
Counterparty: Goldman Sachs Bank USA
Rate: Adjusted Term SOFR plus an applicable margin of 3.25%
Maturity: February 28, 2031
Event: incurrence

Exact text from the filing

TransDigm incurred $1,000 million of New Tranche J Term Loans maturing February 28, 2031

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

TransDigm Group INC amended Second Amended and Restated Credit Agreement with Goldman Sachs Bank USA, as Administrative Agent and Collateral Agent valued at Amendment No. 13 and Incremental Term Loan Assumption Agreement, $1,000,000,000 Tranche J Term Loans (effective 2023-11-28).

Action: amendment
Agreement: credit facility
Counterparty: Goldman Sachs Bank USA, as Administrative Agent and Collateral Agent
Value: Amendment No. 13 and Incremental Term Loan Assumption Agreement, $1,000,000,000 Tranche J Term Loans
Effective: 2023-11-28

Exact text from the filing

AMENDMENT NO. 13 and INCREMENTAL TERM LOAN ASSUMPTION AGREEMENT dated as of November 28, 2023, relating to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 4, 2014, among TRANSDIGM INC., TRANSDIGM GROUP INCORPORATED, THE SUBSIDIARIES OF TRANSDIGM INC. FROM TIME TO TIME PARTY THERETO, THE LENDERS PARTY THERETO and GOLDMAN SACHS BANK USA, as Administrative Agent and Collateral Agent

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TransDigm Group INC filing history →

Source: SEC EDGAR

accession 0001193125-23-284319

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