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TransDigm gets tenders for $968 million of 7¾% notes due 2014 so far
By Angela McDaniels
Tacoma, Wash., Dec. 14 - TransDigm Group Inc. subsidiary TransDigm Inc. accepted for purchase the roughly $968 million principal amount of its 7¾% senior subordinated notes due 2014 that had been tendered as of 5 p.m. ET on Dec. 13, the consent expiration.
The company began a tender offer and consent solicitation for the notes on Nov. 30.
Holders who tender are deemed to have consented to the proposed amendments, and holders may not deliver consents without tendering their notes.
The consents received so far are enough to amend the indentures to eliminate substantially all of the restrictive covenants and some events of default. Consents were needed from holders of at least a majority of the notes in order to make the changes.
The purchase price is $1,042 per $1,000 principal amount of notes. This includes a consent payment of $30.00 for each note tendered by the consent expiration.
The company is also paying accrued interest up to but excluding the payment date.
TransDigm used $1.04 billion of the proceeds from its issue of $1.55 billion of 7¾% senior subordinated notes due 2018 to fund the purchase.
The tender offer remains open until midnight ET on Dec. 28.
The company plans to redeem any notes that remain outstanding after the completion of the tender offer.
The dealer managers and solicitation agents are UBS Securities LLC (888 719-4210 or 203 719-4210) and Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 800 470-3800).
TransDigm is a Cleveland-based maker of aircraft components.
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