Triumph Group Inc. (TGI) announced the pricing of its previously announced offering of $175 million aggregate principal amount of senior subordinated notes due 2017. The notes will have an interest rate of 8% per annum and are being issued at a price equal to 98.558% of their face value. The offering of the notes is expected to close on November 16, 2009.
The Company estimates that the net proceeds from the offering will be approximately $168.5 million after deducting the effects of original issue discount, initial purchaser discounts and estimated offering fees and expenses. The net proceeds from the issuance of the notes are to be used for general corporate purposes, which may include debt reduction, including the repayment of amounts outstanding under its revolving credit facility at a future date, without any permanent reduction of the commitments thereunder.
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