CLEVELAND, Aug. 23, 2017 /PRNewswire/ -- TransDigm
Group Incorporated (the "TransDigm Group") (NYSE: TDG) announced
today that its wholly-owned subsidiary, TransDigm Inc., received
the funding of an additional term loan of $1,819 million maturing in 2024 at a rate of
LIBOR plus 3.00% and repaid in full the existing tranche C term
loans, pursuant to an amendment to its existing credit
agreement.
The amendment also permits (a) the payment of a special
dividend, share repurchase, or combination thereof, in an aggregate
amount up to $1,262 million over the
next 60 days, and (b) certain additional restricted payments,
including to declare or pay dividends or repurchase stock, in an
aggregate amount not to exceed $1,500
million over the next twelve months. If any portion of
the $1,500 million is not used for
dividends or share repurchases over the next twelve months, such
amount (not to exceed $500 million)
may be used to repurchase stock at any time thereafter.
Accordingly, TransDigm Group announced today that its board of
directors has authorized and declared a special cash dividend of
$22.00 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 September 5, 2017
and the payment date for the dividend is September 12, 2017.
About TransDigm Group
TransDigm Group, 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.
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
which could affect TransDigm Group's actual results and 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 sensitivity of our business to the number of flight
hours that our customers' planes spend aloft and our customers'
profitability, both of which are affected by general economic
conditions; future geopolitical or worldwide events; cyber-security
threats and natural disasters; our reliance on certain customers;
the U.S. defense budget and risks associated with being a
government supplier; failure to maintain government or industry
approvals; failure to complete or successfully integrate
acquisitions; our substantial indebtedness; potential environmental
liabilities; increases in raw material costs, taxes and labor costs
that cannot be recovered in product pricing; risks and costs
associated with our international sales and operations; and other
risk 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 the forward-looking statements contained in this press
release.
Contact:
Liza Sabol
Investor Relations
(216) 706-2945
ir@transdigm.com
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SOURCE TransDigm Group Incorporated