Current Report Filing (8-k)
August 24 2017 - 8:29AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 22, 2017
TransDigm Group Incorporated
(Exact name of registrant as specified in its charter)
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Delaware
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001-32833
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41-2101738
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1301 East 9
th
Street, Suite 3000, Cleveland, Ohio
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44114
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(Address of principal executive offices)
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(Zip Code)
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(216)
706-2960
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrants under any of the following provisions (see General Instruction A.2. below):
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging Growth Company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On August 22, 2017, TransDigm Inc. (TransDigm), a wholly-owned subsidiary of TransDigm Group Incorporated (TD Group), TD Group and
certain subsidiaries of TransDigm entered into Amendment No. 3 and Incremental Term Loan Assumption Agreement (the Amendment) to that certain Second Amended and Restated Credit Agreement, dated June 4, 2014 (as amended by
Amendment No. 1 to the Second Amended and Restated Credit Agreement, dated June 9, 2016, Amendment No. 2 to the Second Amended and Restated Credit Agreement, dated March 6, 2017, and as further amended by the Amendment, the
Credit Agreement), with Credit Suisse AG, as administrative agent and collateral agent (the Agent), and the other agents and lenders named therein. Pursuant to the Amendment, TransDigm, among other things, incurred new
tranche G term loans (the Tranche G Term Loans) in an aggregate principal amount equal to $1,819 million and repaid in full all of the tranche C term loans outstanding under the Credit Agreement. The Tranche G Term Loans were fully
drawn on August 22, 2017. The Tranche G Term Loans mature on August 22, 2024. The terms and conditions (other than maturity date) that apply to the Tranche G Term Loans, including pricing, are substantially the same as the terms and
conditions that apply to the tranche C term loans immediately prior to the Amendment to the Credit Agreement.
The amendment also permits (a) 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.
The lenders and agents or their affiliates under the Amendment to the Credit Agreement have in the
past provided, and may in the future provide, advisory and other services to, or engage in transactions with, TransDigm and TD Group and receive customary compensation therefor.
The above summary of the Amendment is qualified in its entirety by reference to the Amendment, which is attached hereto as 10.1, and is incorporated herein by
reference.
Item 2.03. Creation of a Direct Financial Obligation.
The information set forth in Item 1.01 is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On
August 23, 2017, TD Group issued a press release (the Press Release) announcing that TD Groups board of directors authorized and declared a
one-time
special cash dividend of $22.00 on
each outstanding share of common stock and cash dividend equivalent payments on 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. The Press Release also announced TransDigm Inc.s receipt of funding of the $1,819 million term loan described above. A copy of the Press Release is furnished with this Current Report as Exhibit 99.1 and is
incorporated herein by reference.
The information in this Item 7.01 on Form
8-K
and in Exhibit 99.1 is being
furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in filings under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits:
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10.1
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Amendment No. 3 and Incremental Term Loan Assumption Agreement, dated as of August 22, 2017, to the Second Amended and Restated Credit Agreement, dated as of June 4, 2014, among TransDigm Inc., TransDigm Group
Incorporated, each subsidiary of TransDigm Inc. party thereto, the lenders party thereto, and Credit Suisse AG, as administrative agent and collateral agent for the lenders.
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99.1
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Press Release dated August 23, 2017
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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TRANSDIGM GROUP INCORPORATED
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By:
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/s/ Terrance Paradie
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Terrance Paradie
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Executive Vice President and Chief Financial Officer
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Date: August 24, 2017
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Exhibit No.
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Description
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10.1
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Amendment No. 3 and Incremental Term Loan Assumption Agreement, dated as of August 22, 2017, to the Second Amended and Restated Credit Agreement, dated as of June 4, 2014, among TransDigm Inc., TransDigm Group
Incorporated, each subsidiary of TransDigm Inc. party thereto, the lenders party thereto, and Credit Suisse AG, as administrative agent and collateral agent for the lenders.
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99.1
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Press Release dated August 23, 2017
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