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Moody's affirms TransDigm
Moody's Investors Service said it affirmed TransDigm, Inc.'s B1 corporate family and probability of default ratings, the Ba2 rating on the company's proposed new $300 million revolving credit facility and $1.55 billion term loan B, as well as the B3 rating on the proposed new $1.55 billion senior subordinated note issue due Nov. 2018.
Proceeds of the new upsized term loan B and upsized notes will be used to fund the acquisition of McKechnie Aerospace for about $1.265 billion, refinance the company's existing first-lien term loan, repurchase the company's existing 2014 subordinated notes, as well as pay related transaction fees and expenses, the agency said.
The outlook remains negative.
The Ba2 rating on the company's current $200 million revolver and existing $780 million term loan will be withdrawn at the close of the transaction. Additionally, the B3 rating on the company's existing 7.75% senior subordinated notes will be withdrawn upon the successful tender and redemption of those notes, the agency said.
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