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Published on 5/9/2014 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

TransDigm begins tender offer and consent solicitation for 7¾% notes

By Angela McDaniels

Tacoma, Wash., May 9 - TransDigm Group Inc. subsidiary TransDigm Inc. began a tender offer for its $1.6 billion of 7¾% senior subordinated notes due 2018, according to a company news release.

The company is also soliciting consents to proposed amendments to the indenture that would, among other changes, eliminate substantially all of the restrictive covenants and some events of default.

Holders who tender their notes will be deemed to have consented to the proposed amendments.

The consent expiration is 5 p.m. ET on May 22, and the tender offer will expire at 9 a.m. ET on June 9.

The company is offering $1,076.69 per $1,000 principal amount of notes, which includes a $30.00 consent payment for each note tendered by the consent expiration, plus accrued interest up to but excluding the payment date.

Following the tender offer, the company intends to redeem any notes that remain outstanding.

The tender offer and consent solicitation are subject to the consummation of concurrent refinancing transactions that yield enough funds to pay for the tender offer and the receipt of consents from the holders of at least a majority of the principal amount of outstanding notes.

The dealer managers and solicitation agents are Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476). The information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 807-2200 for others).

TransDigm Group is a Cleveland-based designer, producer and supplier of highly engineered aircraft components.


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