TransDigm wraps tenders for $160,000 more 7¾% notes, calls remainder

By Susanna Moon

Chicago, Dec. 29 - TransDigm Group Inc. said its subsidiary TransDigm Inc. received tenders for another $160,000 principal amount of its 7¾% senior subordinated notes due 2014 since the consent deadline.

The offer expired at midnight ET on Dec. 28. It began on Nov. 30.

TransDigm said it plans to redeem the remaining $31.4 million of notes on Jan. 15.

The company purchased about $968 million principal amount of the notes tendered by the consent expiration at 5 p.m. ET on Dec. 13.

Investors tendered the needed consents 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 was $1,042 per $1,000 principal amount of notes. This included a consent payment of $30 for each note tendered by the consent expiration.

The company also paid accrued interest up to but excluding the payment date.

TransDigm used $1.04 billion of proceeds from its issue of $1.55 billion of 7¾% senior subordinated notes due 2018 to fund the purchase of notes tendered by the consent date.

The dealer managers and solicitation agents were 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 was 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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