Triumph Group announced it raised $375 million by entering into a bank term loan, set to mature in May 2019, with its PNC Bank-led lending group. Concurrently, the company amended its existing $1 billion revolving credit agreement to modify the fee structure and extend the maturity by eighteen months.

The amendment increased the accordion feature to $250 million and extended the term through November 2018. The amendment results in a more favorable pricing grid and a more streamlined package of covenants and restrictions. The company intends to use the proceeds to immediately retire its $175 million senior subordinated notes due 2017 and pay off existing indebtedness under the credit facility.

Jeffry D. Frisby, Triumph’s president and chief executive officer, said, “These transactions will create immediate savings and the extended term will allow Triumph to continue to execute our plans for investing in our businesses and for pursuing acquisitions. We appreciate the long term support of our bank group and our lead bank, PNC.”

Berwyn, PA-based Triumph Group designs, engineers, manufactures, repairs and overhauls a portfolio of aerostructures, aircraft components, accessories, subassemblies and systems.