CLEVELAND, Oct. 14, 2016 /PRNewswire/ -- TransDigm
Group Incorporated ("TransDigm Group") (NYSE: TDG) announced
today that its board of directors has authorized and declared a
special cash dividend of $24.00 on
each outstanding share of common stock and cash dividend equivalent
payments under options granted under its stock option plans. The
record date for the special dividend is October 24, 2016, and the payment date for the
dividend is November 1, 2016.
TransDigm Group also announced today that it received the
funding of the previously announced incremental term
loans. TransDigm Group incurred $650
million of incremental term loans on October 14, 2016 and expects to incur an
additional $500 million of delayed
draw incremental term loans, the proceeds of which will be used to
repurchase its 7.50% Senior Subordinated Notes due 2021 in
connection with the previously announced tender offer.
W. Nicholas Howley, TransDigm
Group's Chairman, President and Chief Executive Officer, stated,
"Our regularly stated goal is to give our shareholders returns
similar to well performing private equity funds while providing the
liquidity of a public market. This special dividend is part of
our ongoing efforts to actively manage our balance sheet as part of
our program to meet that goal. We believe the credit market
conditions continue to be favorable and provide us with the
opportunity to accelerate returns to shareholders, reduce our
overall average interest rate and extend maturities. The
combination of current cash on hand, undrawn revolver, additional
capacity under our credit agreement, and our typically strong
quarterly cash generation should allow us adequate financial
flexibility to meet the likely range of currently anticipated
operating and acquisition needs."
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All forward-looking statements involve risks and
uncertainties that could cause its actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, TransDigm Group. These risks
and uncertainties include but are not limited to: the conditions of
the debt markets; interest rate changes; TransDigm Group's
compliance with its debt covenants; local, regional, national and
international economic and industry conditions; TransDigm Group's
capital needs for acquisitions; and other factors. Further
information regarding the important factors that could cause actual
results to differ materially from projected results can be found in
TransDigm Group's Annual Report on Form 10-K and other reports that
TransDigm Group or its subsidiaries have filed with the Securities
and Exchange Commission. Except as required by law, TransDigm Group
undertakes no obligation to revise or update any forward-looking
statements contained in this press release.
About TransDigm
TransDigm Group Incorporated, through its wholly-owned
subsidiaries, is a leading global designer, producer and supplier
of highly engineered aircraft components for use on nearly all
commercial and military aircraft in service today. Major product
offerings, substantially all of which are ultimately provided to
end-users in the aerospace industry, include
mechanical/electro-mechanical actuators and controls, ignition
systems and engine technology, specialized pumps and valves, power
conditioning devices, specialized AC/DC electric motors and
generators, NiCad batteries and chargers, engineered latching and
locking devices, rods and locking devices, engineered connectors
and elastomers, databus and power controls, cockpit security
components and systems, specialized cockpit displays, aircraft
audio systems, specialized lavatory components, seatbelts and
safety restraints, engineered interior surfaces and related
components, lighting and control technology, military personnel
parachutes, high performance hoists, winches and lifting devices,
and cargo loading, handling and delivery systems.
Contact:
Liza Sabol
Investor Relations
(216) 706-2945
ir@transdigm.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/transdigm-group-declares-a-special-cash-dividend-of-2400-per-share-and-announces-successful-completion-of-incremental-term-loan-300345269.html
SOURCE TransDigm Group Incorporated