Summary
This 8-K filing from TransDigm Group Inc. reports on the expiration and final results of its cash tender offers and consent solicitations for its 7 3/4% Senior Subordinated Notes due 2014. The company successfully tendered and accepted for purchase approximately 96.84% of the outstanding 2014 Notes by December 13, 2010, with an additional $160,000 purchased before the December 28, 2010 expiration. These tender offers were accompanied by consent solicitations to amend the associated indentures. The key outcome for investors is the significant reduction in the 2014 Notes outstanding, with the company intending to redeem the remaining approximately $31.4 million on January 15, 2011. The consent solicitations were also successful in amending the indentures, notably eliminating substantially all restrictive covenants and certain events of default. This action simplifies the company's debt structure and potentially provides greater financial flexibility.
Key Highlights
- 1TransDigm Group Inc. announced the expiration of its tender offers and consent solicitations for its 7 3/4% Senior Subordinated Notes due 2014 on December 28, 2010.
- 2The company accepted for purchase approximately 96.84% of the outstanding 2014 Notes by December 13, 2010.
- 3An additional $160,000 principal amount of 2014 Notes was purchased between December 14, 2010, and the expiration date.
- 4TransDigm intends to redeem all remaining outstanding 2014 Notes, totaling approximately $31.4 million, on January 15, 2011.
- 5The concurrent consent solicitations were successful in obtaining enough consents to amend the 2006 and 2009 Indentures.
- 6Key amendments include the elimination of substantially all restrictive covenants and certain events of default within the Indentures.
- 7This filing serves as notification of the completion of these debt management activities.