TGI - Triumph Group prices $1.2B senior notes
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Triumph Group ( NYSE: TGI ) on Tuesday said it priced $1.2 billion of its 9.000% senior secured first lien notes due in 2028, as part of a refinancing of its outstanding secured indebtedness.
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The notes are guaranteed by the same subsidiaries that guaranty Triumph's 7.750% senior notes due 2025 and will be secured by first-priority liens on substantially all of the company's and the guarantors' assets.
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The notes offering is expected to close on March 14, 2023.
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Triumph intends to use the net proceeds to redeem or otherwise acquire all of its outstanding 8.875% senior secured first lien notes due 2024, 6.250% senior secured notes due in 2024, and to pay off existing borrowings under its securitization facility.
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After completion of the notes offering, the company said it intends to redeem all of the outstanding existing first lien notes.
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Triumph Group prices $1.2B senior notes