| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for TransDigm Inc. > News item |
TransDigm launches $5.83 billion first-lien term loans to investors
By Sara Rosenberg
New York, May 1 – TransDigm Inc. was scheduled to hold a lender call at 1:30 p.m. ET on Tuesday to launch $5,833,000,000 of term loans, according to a market source.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Barclays, RBC Capital Markets, HSBC Securities Corp., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Credit Agricole and KKR Capital Markets are the lead arrangers on the deal.
The debt consists of a $1,496,000,000 first-lien term loan E due May 2025, a $700 million incremental first-lien term loan E due May 2025 and a $3,637,000,000 first-lien term loan F due June 2023, the source said.
All of the term loans are talked at Libor plus 250 basis points with a 0% Libor floor and 101 soft call protection for six months, the source continued.
The incremental term loan E is talked with an original issue discount of 99.5, while the term loan E and term loan F are offered at a par issue price.
Proceeds will be used to reprice an existing term loan E from Libor plus 275 bps with a 0% Libor floor and extend the maturity from May 2022, to reprice an existing term loan F from Libor plus 275 bps with a 0% Libor floor and, the incremental loan, will be used for general corporate purposes and to add cash to the balance sheet.
Lenders are being offered a 10 bps consent fee.
Commitments are due at 5 p.m. ET on May 8, the source added.
The company said in a news release that it is also looking to extend its existing revolving credit facility to December 2022 and may seek to raise about $500 million of new subordinated debt.
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.