Triumph Group has offered to purchase up to $580 million of its outstanding 9.000% senior secured first lien notes due March 14, 2028. The purchase will be made with a portion of the net cash proceeds it will receive from the sale of its product support business.
AAR announced in December 2023 it was acquiring Triumph's product support business for $725 million in cash. The acquisition deal is expected to close in the first quarter of 2024.
Under the offer, those who validly tender notes on or before the early tender date of March 4, 2024, and the purchase is accepted by Triumph, will receive an asset sale consideration equivalent to $1,000 per $1,000 principal amount of notes tendered. Notes tendered after the early tender date will only be eligible for a tender offer consideration equivalent to $990 per $1,000 principal amount of notes tendered. Notes that are accepted will also receive cash payment for accrued and unpaid interest on the notes.
The asset sale offer is set to expire at 5pm NYC time on March 18, 2024.
Triumph to purchase 9.000% senior secured notes
