Triumph Raises $375 Mln In Bank Term Loan, Amends $1 Bln Revolving Credit

(RTTNews) - Triumph Group, Inc. (TGI) said Tuesday that it has raised $375 million by entering into a bank term Loan with a maturity date of May, 2019 with its bank lending group, led by PNC Bank.

The company also said it has amended its existing $1.0 billion revolving credit agreement to modify the fee structure and extend the maturity by eighteen months.

The amendment increased the accordion feature to $250 million and extended the term through November, 2018. The amendment results in a more favorable pricing grid and a more streamlined package of covenants and restrictions. The company plands to use the proceeds to immediately retire its $175 million Senior Subordinated Notes Due 2017 and pay off existing indebtedness under the credit facility.