Triumph Group Raises $375 Million in Bank Term Loan and Amends $1.0 Billion Revolving Credit Agreement

BERWYN, Pa.—(BUSINESS WIRE)—Triumph Group, Inc. (NYSE:TGI) today announced that it has raised $375 million by entering into a Bank Term Loan with a maturity date of May, 2019 with its bank lending group, led by PNC Bank. Concurrently, the company amended its existing $1.0 billion revolving credit agreement to modify the fee structure and extend the maturity by eighteen months.

“These transactions will create immediate savings and the extended term will allow Triumph to continue to execute our plans for investing in our businesses and for pursuing acquisitions. We appreciate the long term support of our bank group and our lead bank, PNC.”
The amendment increased the accordion feature to $250 million and extended the term through November, 2018. The amendment results in a more favorable pricing grid and a more streamlined package of covenants and restrictions. The company intends to use the proceeds to immediately retire its $175 million Senior Subordinated Notes Due 2017 and pay off existing indebtedness under the credit facility.

Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “These transactions will create immediate savings and the extended term will allow Triumph to continue to execute our plans for investing in our businesses and for pursuing acquisitions. We appreciate the long term support of our bank group and our lead bank, PNC.”

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.