Summary
TransDigm Group Inc. (TDG) filed an 8-K on July 23, 2020, primarily detailing an amendment to its accounts receivable securitization facility. The Twelfth Amendment to the Receivables Purchase Agreement, executed on July 22, 2020, extended the maturity date of this facility to July 27, 2021. This facility, which is collateralized by a significant portion of the company's domestic trade accounts receivable, had $350 million borrowed against it as of June 27, 2020. The amendment also addresses changes in law and market practice since the prior amendment.
Key Highlights
- 1TDG amended its accounts receivable securitization facility, extending its maturity date to July 27, 2021.
- 2The amendment was executed on July 22, 2020, and involves TransDigm Inc. and its subsidiary TransDigm Receivables LLC.
- 3As of June 27, 2020, the company had $350 million drawn under this facility.
- 4The securitization facility is backed by substantially all of the company's domestic operations' trade accounts receivable.
- 5The amendment accounts for changes in law and market practice.
- 6This filing does not represent a new debt issuance, but an amendment to an existing financing agreement.