TransDigm prices $1.55 billion Libor plus 350 bps term loan at 99½

By Paul A. Harris

St. Louis, Dec. 6 - TransDigm Group Inc. priced its $1.55 billion Libor plus 350 basis points six-year term loan at 99½ on Monday, according to an informed source.

The spread came on top of talk that had tightened from Libor plus 375 bps to 400 bps.

The reoffer price came on top of discount talk, which had cheapened from earlier talk of 99.

The deal features a 1.5% Libor floor.

Credit Suisse, UBS, Barclays and Morgan Stanley were the lead banks on the $1.85 billion senior secured credit facility (Ba2/BB-), which also included a $300 million five-year revolver.

Proceeds from the credit facility, along with $1.55 billion of senior notes, will be used to fund the $1.27 billion acquisition of McKechnie Aerospace Holdings Inc. from JLL Partners, to repay an existing credit facility and to repurchase 7¾% senior subordinated notes due 2014.

TransDigm is a Cleveland-based designer, producer and supplier of highly engineered aircraft components. McKechnie is an Irvine, Calif.-based supplier of aerospace products.

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