Triumph Group gets $375 million term loan, $1 billion revolver

By Angela McDaniels

Tacoma, Wash., Nov. 25 - Triumph Group, Inc. entered into an amended and restated credit agreement on Nov. 19 that provides for a $375 million term loan and a $1 billion revolving line of credit, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date is Nov. 19, 2018 for the revolver and May 14, 2019 for the term loan.

The initial interest rate is Libor plus 162.5 basis points, and the initial commitment fee for the revolver is 30 bps. The margin over Libor ranges from 137.5 bps to 250 bps, and the commitment fee ranges from 25 bps to 45 bps, both depending on the company's leverage ratio.

PNC Capital Markets LLC, J.P. Morgan Securities LCL, RBC Capital Markets, RBS Citizens, NA and Santander Bank, NA are the joint lead arrangers and joint bookrunners. PNC Bank, NA is the administrative agent.

The restated credit agreement includes a minimum interest coverage ratio of 3.5 to 1.0, a maximum total leverage ratio of 4.5 to 1.0 and a maximum senior secured leverage ratio of 2.5 to 1.0.

Substantially all of the company's domestic subsidiaries are co-borrowers. The credit facilities continue to be secured by liens on substantially all of the assets of the company and its domestic subsidiaries.

Berwyn, Pa.-based Triumph designs, engineers, manufactures and repairs aircraft components and accessories.

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