TransDigm to redeem 5½% subordinated notes via $550 million issue

By Susanna Moon

Chicago, Feb. 1 – TransDigm Group Inc. said its TransDigm Inc. subsidiary plans to redeem its outstanding 5½% senior subordinated notes due 2020 using proceeds of a $550 million offering of senior subordinated notes.

TransDigm is also planning to price another $200 million principal amount of its 6¼% seven-year senior secured notes, according to a company update on Friday.

As reported, the issuer priced an upsized $3.8 billion of seven-year senior secured notes (Ba3/B+) at par to yield 6¼% on Jan. 30.

The deal was increased from $3.7 billion after having been raised from $2.7 billion when a proposed $1 billion tranche of eight-year senior subordinated notes was withdrawn from the market and the proceeds shifted to the secured tranche, as previously reported.

The Cleveland-based producer of highly engineered aircraft components plans to use the proceeds to fund its acquisition of Esterline Technologies Corp., a Bellevue, Wash.-based manufacturer principally serving aerospace and defense markets.

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