0000950170-23-004489.txt : 20230227 0000950170-23-004489.hdr.sgml : 20230227 20230227091207 ACCESSION NUMBER: 0000950170-23-004489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20230227 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230227 DATE AS OF CHANGE: 20230227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIUMPH GROUP INC CENTRAL INDEX KEY: 0001021162 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 510347963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12235 FILM NUMBER: 23670315 BUSINESS ADDRESS: STREET 1: 899 CASSATT ROAD STREET 2: SUITE 210 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: (610) 251-1000 MAIL ADDRESS: STREET 1: 899 CASSATT ROAD STREET 2: SUITE 210 CITY: BERWYN STATE: PA ZIP: 19312 FORMER COMPANY: FORMER CONFORMED NAME: TRIUMPH GROUP INC / DATE OF NAME CHANGE: 19960819 8-K 1 tgi-20230227.htm 8-K 8-K
true0001021162false0001021162tgi:PurchaseRights1Member2023-02-272023-02-2700010211622023-02-272023-02-270001021162us-gaap:CommonStockMember2023-02-272023-02-27

 

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): February 27, 2023

 

TRIUMPH GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-12235

 

51-0347963

(State or other jurisdiction of

incorporation)

 

(Commission File Number)

 

(IRS Employer Identification

No.)

 

899 Cassatt Road, Suite 210,

 

 

Berwyn, Pennsylvania

 

19312

(Address of principal executive offices)

 

(Zip Code)

 

(610) 251-1000

(Registrant's telephone number, including area code)

 

Not Applicable

(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 registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $.001 per share

 

TGI

 

New York Stock Exchange

Purchase Rights

 

 

 

New York Stock Exchange

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 8.01 Other Events.

On February 27, 2023, Triumph Group, Inc. (“Triumph” or the “Company”) issued a press release announcing its intention to commence a private offering of $1.2 billion aggregate principal amount of senior secured first lien notes due 2028 (the “Senior Secured Notes,” and such offering, the “Senior Secured Notes Offering”). The Senior Secured Notes will be guaranteed by the same guarantors that guarantee certain of Triumph’s other indebtedness. A copy of the Company’s press release with respect to the Senior Secured Notes Offering is filed as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

 

The Senior Secured Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers, as defined in, and in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in offshore transactions outside the United States in reliance on Regulation S under the Securities Act. Neither the Senior Secured Notes nor the guarantees thereof will be registered under the Securities Act or any other securities laws of any jurisdiction and will not have the benefit of any exchange offer or other registration rights. The Senior Secured Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 

In addition, on February 27, 2023, Triumph announced the commencement of a cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.250% Senior Secured Notes due 2024. A copy of the press release announcing the Tender Offer, and which describes the Tender Offer in greater detail, is hereby incorporated by reference and attached hereto as Exhibit 99.2.

 

This report does not constitute an offer to sell, or a solicitation of an offer to buy, any security and it does not constitute a notice of redemption with respect to any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press release dated February 27, 2023, announcing commencement of the Senior Secured Notes Offering

99.2

 

Press release dated February 27, 2023, announcing commencement of the Tender Offer

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 


 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:

February 27, 2023

TRIUMPH GROUP, INC.

 

 

 

 

 

 

By:

/s/ Thomas A. Quigley, III

 

 

 

Thomas A. Quigley, III

 

 

 

Vice President, Investor Relations, Mergers & Acquisitions and Treasurer

 

 


EX-99 2 tgi-ex99_1.htm EX-99.1 EX-99

 

Exhibit 99.1

img27292495_0.jpg 

 

NEWS RELEASE

 

Contact:

April Harper

Director, Marketing & Communications

Phone (610) 251-1000

aharper@triumphgroup.com

 

 

 

Thomas A. Quigley, III

VP, Investor Relations, Mergers & Acquisition and Treasurer

Phone (610) 251-1000

tquigley@triumphgroup.com

 

TRIUMPH GROUP, INC. ANNOUNCES PROPOSED PRIVATE OFFERING OF SENIOR SECURED NOTES

Offering Is Part of a Comprehensive Refinancing of Triumph’s Near Term Maturities

 

BERWYN, PA – February 27, 2023 – Triumph Group, Inc. (NYSE: TGI) (“Triumph” or the “Company”) today announced that it has commenced a refinancing of its outstanding secured bonds, through an offering of $1.2 billion aggregate principal amount of senior secured first lien notes due in 2028 (the “Notes,” and such offering, the “Notes Offering”). The Notes will be guaranteed (the “Guarantees”) by the same subsidiaries (the “Guarantors”) that guaranty Triumph’s 7.750% Senior Notes due 2025 (the “2025 Notes”), and will be secured by first-priority liens on substantially all of the Company’s and the Guarantors’ assets.

 

Triumph intends to use the net proceeds from the Notes Offering to redeem or otherwise acquire all of its outstanding 8.875% Senior Secured First Lien Notes due 2024 (the “Existing First Lien Notes”) and 6.250% Senior Secured Notes due 2024 (the “Existing Second Lien Notes”). Subject to the successful completion of the Notes Offering, the Company intends to redeem all of the outstanding Existing First Lien Notes.

 

Triumph separately announced today the launch of a tender offer to acquire any or all of the Existing Second Lien Notes. To the extent that any Existing Second Lien Notes remain outstanding after completion of the tender offer, the Company intends to satisfy and discharge any outstanding Existing Second Lien Notes upon the consummation of the Notes Offering and to redeem such Existing Second Lien Notes. The final terms and amounts of the Notes are subject to market and other conditions. Assuming successful completion of the Notes Offering and the other refinancing transactions, the only other debt securities outstanding will be the 2025 Notes.

 

The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers, as defined in, and in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in offshore transactions outside the United States in reliance on Regulation S under the Securities Act. Neither the Notes nor the Guarantees will be registered under the Securities Act or any other securities laws of any jurisdiction and will not have the benefit of any exchange offer or other registration rights. The Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities, and it does not constitute a notice of redemption with respect to any securities. This press release shall not constitute an offer, solicitation or sale, nor shall there be any sale of the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.

 

About Triumph

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls a broad portfolio of aerospace and defense systems, subsystems, and components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators through the aircraft life cycle.

 

Forward Looking Statements

Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Notes Offering and the intended

1


 

use of proceeds, including any redemptions and tender offers. All forward-looking statements involve risks and uncertainties which could affect the Company’s actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in the Company’s reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022 and December 31, 2022.

###

2


EX-99 3 tgi-ex99_2.htm EX-99.2 EX-99

Exhibit 99.2

img28216016_0.jpg 

NEWS RELEASE

 

Contact:

April Harper

Director, Marketing & Communications

Phone (610) 251-1000

aharper@triumphgroup.com

 

 

 

Thomas A. Quigley, III

VP, Investor Relations, Mergers & Acquisition and Treasurer

Phone (610) 251-1000

tquigley@triumphgroup.com

 

TRIUMPH GROUP, INC. ANNOUNCES COMMENCEMENT OF TENDER OFFER FOR ANY AND ALL OF ITS 6.250% SENIOR SECURED NOTES DUE 2024

Tender Offer is part of a Comprehensive Refinancing of Triumph’s Near Term Maturities

 

BERWYN, PA – February 27, 2023 – Triumph Group, Inc. (NYSE: TGI) (“Triumph” or the “Company”) today announced that it has commenced a cash tender offer to purchase any and all of its outstanding 6.250% Senior Secured Notes due in 2024 (the “Notes”).

 

Information related to the Notes and the tender offer is set forth in the table below.

Security

CUSIP/ISIN

Outstanding Principal Amount

Tender Offer Consideration(1)

Early Tender Payment(2)

Total Consideration(1)(3)

6.250% Senior Secured Notes due 2024

144A: 896818 AQ4/ US896818AQ45

Regulation S: U8968G AF1/ US896818GAF10

IAI: 896818 AR2 / US896818AR28

$525,000,000

$951.50

$50.00

$1,001.50

_____________________

(1) Per $1,000 principal amount of Notes validly tendered and accepted for payment.

(2) Per $1,000 principal amount of Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline and accepted for payment.

(3) Includes Tender Offer Consideration and Early Tender Payment.

 

The tender offer will expire at 5:00 p.m., New York City time, on March 27, 2023, unless extended or earlier terminated by the Company (such time and date, as the same may be extended or earlier terminated, the “Expiration Time”). Subject to the terms and conditions of the tender offer, holders of Notes that are validly tendered on or prior to 5:00 p.m., New York City time, on March 10, 2023 (such date and time, as it may be extended, the “Early Tender Deadline”) and not validly withdrawn at any time on or prior to 5:00 p.m., New York City time, on March 10, 2023, unless extended (such date and time, as it may be extended, the “Withdrawal Deadline”) will be eligible to receive the Total Consideration set forth in the table above, which includes the Early Tender Payment set forth in the table above. Holders of Notes tendering their Notes after the Early Tender Deadline, but on or prior to the Expiration Time, will only be eligible to receive the Tender Offer Consideration set forth in the table above, which is the Total Consideration less the Early Tender Payment. Triumph may extend the Expiration Time without extending the Early Tender Deadline or the Withdrawal Deadline and may extend the Early Tender Deadline without extending the Expiration Time or Withdrawal Deadline, in each case, except where required by law.

 

The tender offer is subject to the satisfaction or waiver of certain conditions as described in the Offer to Purchase, including (1) the consummation of a financing raising aggregate proceeds from the refinancing of at least $1.2 billion on or prior to the Early Settlement Date (as defined in the Offer to Purchase) on terms reasonably acceptable to the Company in its sole discretion (the “Financing Condition”), and (2) certain general conditions, in each case as described in more detail in the Offer to Purchase. If any of the conditions are not satisfied, the Company may terminate the tender offer and return tendered Notes, may waive unsatisfied conditions and accept for payment and purchase all validly tendered Notes, may extend the tender offer or may otherwise amend the tender offer. As of the date of the consummation of the Financing Transaction, the Company intends to satisfy and discharge any outstanding Notes, and the Company intends to redeem any Notes that are not validly tendered and accepted for purchase pursuant to the tender offer. On the date


hereof, Triumph issued a notice of redemption in respect of all of the Notes remaining outstanding following the completion of the tender offer, conditional on the Financing Condition. However, there is no requirement in the Indenture or otherwise that the Company redeem any Notes, and unless redeemed, such Notes will continue to remain outstanding following the tender offer and will continue to be payable in accordance with their terms.

 

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase. Holders are urged to read the Offer to Purchase carefully.

 

The Company has engaged J.P. Morgan Securities LLC to act as Dealer Manager for the tender offer. Persons with questions regarding the tender offer should contact J.P. Morgan Securities LLC collect at (212) 834-4087 or toll-free at (866) 834-4666. Requests for documents should be directed to D.F. King & Co., Inc., the Tender and Information Agent for the tender offer, at (212) 269-5550 (for banks and brokers) or (800) 967-5068 (for noteholders) or by email at tgi@dfking.com.

 

This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any of the Notes or any other securities, and it does not constitute a notice of redemption of the Notes. The tender offer is being made pursuant to the tender offer documents, including the Offer to Purchase that the Company is distributing to holders of the Notes. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction. None of the Company, the Dealer Manager, the Tender and Information Agent or their respective affiliates is making any recommendation as to whether or not holders should tender all or any portion of their Notes in the tender offer.

 

About Triumph

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls a broad portfolio of aerospace and defense systems, subsystems, and components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators through the aircraft life cycle.

 

Forward Looking Statements

Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Notes Offering and the intended use of proceeds, including any redemptions and tender offers. All forward-looking statements involve risks and uncertainties which could affect the Company’s actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in the Company’s reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022 and December 31, 2022.

###


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Entity Address, Postal Zip Code Entity File Number Class of Stock [Domain] Entity Address, Address Line One Entity Tax Identification Number Purchase Rights [Member] Purchase Rights1 [Member] Purchase rights. Entity Emerging Growth Company Entity Registrant Name Class of Stock [Axis] Pre Commencement Tender Offer Security 12b Title Common Stock [Member] Entity Address, State or Province Document Type Written Communications Security Exchange Name Document And Entity Information [Table] Document And Entity Information [Table] Document and entity information table. Entity Address, Address Line Two Entity Central Index Key Local Phone Number Pre Commencement Issuer Tender Offer Cover [Abstract] No Trading Symbol Flag Trading Symbol EX-101.SCH 8 tgi-20230227.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 100000 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 9 tgi-20230227_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT XML 10 R1.htm IDEA: XBRL DOCUMENT v3.22.4
Document And Entity Information
Feb. 27, 2023
Document And Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 27, 2023
Entity File Number 1-12235
Entity Registrant Name TRIUMPH GROUP, INC.
Entity Central Index Key 0001021162
Entity Tax Identification Number 51-0347963
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 899 Cassatt Road
Entity Address, Address Line Two Suite 210
Entity Address, City or Town Berwyn
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19312
City Area Code 610
Local Phone Number 251-1000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common Stock, par value $.001 per share
Trading Symbol TGI
Security Exchange Name NYSE
Purchase Rights [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Purchase Rights
No Trading Symbol Flag true
Security Exchange Name NYSE
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