TransDigm Group increases seven-year term loan size to $2.03 billion

By Sara Rosenberg

New York, Jan. 19 – TransDigm Group Inc. upsized its seven-year covenant-light first-lien term loan (Ba2/B) to $2,029,000,000 from $1,225,000,000, according to a market source.

Price talk on the loan remained at Libor plus 275 basis points with no Libor floor and an original issue discount of 99 to 99.5.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., UBS Investment Bank, Barclays, Goldman Sachs Bank USA, HSBC Securities Corp. and RBC Capital Markets are the leads on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Thursday.

Proceeds will be used to refinance a term loan C due Feb. 28, 2020 that is priced at Libor plus 300 bps with a 0.75% Libor floor, and, due to the upsizing, to refinance a term loan D due June 2021 that is priced at Libor plus 300 bps with a 0.75% Libor floor, the source added.

TransDigm is a Cleveland-based designer, producer and supplier of highly engineered aircraft components for use on commercial and military aircraft.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.