TransDigm closed a term loan of $1.8 billion maturing in 2024 at a rate of LIBOR + 3.00% and repaid in full the existing tranche C term loans, pursuant to an amendment to its existing credit agreement.
According to a related 8-K filing, Credit Suisse served as administrative agent for the transaction. Credit Suisse Securities, Citigroup Global Markets, Morgan Stanley Senior Funding, HSBC Securities, Barclays, UBS Securities, Credit Agricole, Goodman Sachs Lending Partners, RBC Capital Markets and JPMorgan Chase served as joint lead arrangers and joint bookrunners.
The amendment also permits the payment of a special dividend, share repurchase or combination thereof, in an aggregate amount up to $1,262 million over the next 60 days, and certain additional restricted payments, including to declare or pay dividends or repurchase stock, in an aggregate amount not to exceed $1,500 million over the next 12 months. If any portion of the $1,500 million is not used for dividends or share repurchases over the next 12 months, such amount (not to exceed $500 million) may be used to repurchase stock at any time thereafter.
TransDigm Group is a global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today.