Key Developments: TransDigm Group Inc (TDG.N)

TDG.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

TransDigm Group Inc Announces Completion of Incremental Term Loan, Notes Offering; Special Cash Dividend of $22 Per Share
Wednesday, 3 Jul 2013 01:05pm EDT 

TransDigm Group Inc announced that its wholly-owned subsidiary, TransDigm Inc (the Company), received the funding of an additional incremental term loan of $900 million at a current interest rate of approximately 3.8% and that it has completed its previously announced offering of $500 million aggregate principal amount of 7.5% senior subordinated notes due 2021 (the Notes).These transactions yield an approximate weighted average current interest rate of 5% on the new debt, modestly lower than our existing debt. TransDigm Group also announced that its board of directors has authorized and declared a special cash dividend of $22.00 on each outstanding share of common stock and cash dividend equivalent payments under certain of its stock option plans. The record date for the special dividend is July 15, 2013, and the payment date for the dividend is July 25, 2013.  Full Article

TransDigm Group Inc Acquires Electromechanical Actuation Division From GE Aviation
Monday, 1 Jul 2013 08:20am EDT 

TransDigm Group Inc announced that it acquired the assets of GE Aviation's Electromechanical Actuation Division for approximately $150 million in cash on June 28, 2013. The business, which will be conducted by TransDigm through a new entity, Whippany Actuation Systems, LLC (Whippany), located in Whippany, New Jersey, manufactures proprietary, engineered aerospace electromechanical motion control subsystems for civil and military applications.  Full Article

TransDigm Group Inc's TransDigm Inc Prices Offering of $500 Million Senior Subordinated Notes due 2021 T
Wednesday, 26 Jun 2013 07:20pm EDT 

TransDigm Group Inc announced that on June 25, 2013, its wholly owned subsidiary, TransDigm Inc, priced its private offering of $500 million aggregate principal amount of 7.50% senior subordinated notes due 2021 (the Notes). The Notes will be issued at a price of 100% of their principal amount. The Notes will be guaranteed by TransDigm Group and all of the Company's existing and future domestic subsidiaries on a senior subordinated basis. The offering is expected to close on July 1, 2013. The Company estimates that it will receive net proceeds, after the initial purchasers' discounts and the payment of fees and expenses, of approximately $488 million from the offering. The Company expects to use the net proceeds from this offering, together with the net proceeds of an additional $900 million incremental term loan due 2020 (comprised of a previously announced $700 million incremental term loan, upsized by $200 million as of June 26, 2013) and cash on hand, to fund a dividend to the holders of its common stock, to make cash dividend equivalent payments under the 2006 Stock Incentive Plan Dividend Equivalent Plan, as amended, and the 2003 Stock Option Plan Dividend Equivalent Plan, as amended, as well as to pay related transaction expenses and for general corporate purposes.  Full Article

TransDigm Group Inc To Acquire GE Aviation's Electromechanical Actuation Business
Friday, 21 Jun 2013 08:00am EDT 

TransDigm Group Inc announced that it has entered into a definitive agreement to acquire the assets of GE Aviation's Electromechanical Actuation Division, for approximately $150 million in cash. The acquisition, subject to regulatory approvals and other customary closing conditions, is expected to close around the end of the third quarter fiscal 2013.  Full Article

TransDigm Group Inc Completes Cash Tender Offer And Acquires Control Of Aerosonic Corporation
Wednesday, 5 Jun 2013 08:30am EDT 

TransDigm Group Inc and Aerosonic Corporation announced the completion of the cash tender offer (the Offer) by TransDigm's indirect wholly owned subsidiary, Buccaneer Acquisition Sub Inc. (Purchaser), for all of the outstanding shares of Aerosonic common stock (Shares) for $7.75 per Share in cash, without interest and less any applicable withholding taxes. accordance with the terms of the Offer, Purchaser accepted for payment all Shares that were validly tendered and not withdrawn prior to the expiration of the Offer, and payment for such Shares will be made promptly in accordance with the terms of the Offer. Purchaser intends to exercise the top-up option granted to it by Aerosonic, pursuant to which Purchaser will acquire from Aerosonic a number of additional Shares that, when added to the number of Shares purchased in the Offer, will result in Purchaser owning at least 90% of the outstanding Shares. The consummation of the top-up option transaction is expected to take place on or about June 10, 2013. In the merger, Purchaser will be merged with and into Aerosonic, with Aerosonic surviving the merger and continuing as an indirect wholly owned subsidiary of TransDigm. Baker & Hostetler LLP is acting as legal advisor to TransDigm. Bluestone Capital Partners is acting as financial advisor and Hill Ward Henderson, PA is acting as legal advisor to Aerosonic. Hyde Park Capital also provided financial advice to Aerosonic's Board of Directors with respect to the transaction.  Full Article

TransDigm Group Inc To Acquire Arkwin Industries, Inc
Wednesday, 15 May 2013 08:00am EDT 

TransDigm Group Inc announced that it has entered into a definitive agreement to acquire Arkwin Industries, Inc. (Arkwin or the Company), for approximately $286 million in cash. The acquisition is expected to close in the third quarter of fiscal 2013. Arkwin, located on Long Island, New York, manufactures proprietary, highly engineered aerospace hydraulic and fuel system components for commercial and military aircraft, helicopters and other specialty applications.  Full Article

TransDigm Group Inc Raises Low End Of Prior FY 2013 Revenue Guidance; Narrows FY 2013 EBITDA Guidance; Lowers FY 2013 Net Income Guidance; Raises FY 2013 EPS Guidance
Tuesday, 7 May 2013 07:15am EDT 

TransDigm Group Inc announced that for fiscal 2013, it expects net sales to be in the range of $1,840 million to $1,880 million (previously in the range of $1,820 million to $1,880 million), EBITDA to be in the range of $878 million to $898 million, maintaining mid-point of $888 million (previously in the range of $874 million to $902 million), Net income to be in the range of $326 million to $338 million (previously in the range of $344 million to $356 million); Earnings per share (EPS) to be in the range of $5.29 to $5.51 per share (previously in the range of $5.60 to $5.84 per share) and Adjusted EPS to be in the range of $6.83 to $7.05 per share (previously in the range of $6.74 to $6.98 per share). According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.876 billion, EBITDA of $876 million, Net Income of $372 million and EPS of $7.00 for fiscal 2013.  Full Article

TransDigm Group Inc and Aerosonic Corp Announce Acquisition Agreement
Monday, 22 Apr 2013 07:30am EDT 

TransDigm Group Inc and Aerosonic Corp announced a definitive merger agreement, providing for Aerosonic to become an indirect wholly owned subsidiary of TransDigm. TransDigm and Aerosonic both design, manufacture and supply engineered aircraft components. Under the terms of the agreement, TransDigm will offer to acquire all of the outstanding shares of Aerosonic for $7.75 per share in cash in a transaction valued at approximately $39 million on a fully-diluted basis. The cash consideration represents a premium of approximately 59.8% to Aerosonic's closing share price on April 19, 2013, and a 77.8% premium to its average trading price over the trailing 60 days. The transaction will be funded with TransDigm's cash on hand and is not subject to any financing condition.  Full Article

TransDigm Group Inc Narrows FY 2013 Revenue, Net Income Outlook In Line With Analysts' Estimates; Raises Low End Of FY 2013 EPS Outlook In Line With Analysts' Estimates; Narrows FY 2013 EBITDA Outlook
Monday, 4 Feb 2013 07:00am EST 

TransDigm Group Inc announced that it has maintained the mid-point of annual sales and EBITDA guidance for fiscal 2013 but narrowed the range to reflect current market view. In addition, the Company has increased earnings per share guidance to reflect a more favorable tax outlook, while keeping in mind continuing caution regarding the uncertain worldwide economic and aerospace market conditions. The Company is adjusting fiscal 2013 guidance, which assumes no additional acquisitions, as follows, net sales are anticipated to be in the range of $1.820 billion-$1.880 billion, (previously in the range of $1.800-$1.900 billion); EBITDA is anticipated to be in the range of $874-$902 million (previously in the range of $864-$912 million); net income anticipated to be in the range of $344-$356 million (previously in the range of $336-$360 million); Earnings per share are expected to be in the range of $5.60 to $5.84 per share (previously in the range of $5.44 to $5.88 per share) compared with $5.97 per share in fiscal 2012; and adjusted earnings per share are expected to be in the range of $6.74 to $6.98 per share (previously in the range of $6.54 to $6.98 per share). According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.868 billion, EBITDA of $879 million and EPS of $6.87 for fiscal 2013.  Full Article

United Technologies Corp Announces Termination Of Agreement To Sell Pump And Engine Control Systems Unit To TransDigm Group Inc
Thursday, 6 Dec 2012 05:00pm EST 

United Technologies Corp announced that it has reached a mutual agreement with TransDigm Group Incorporated to terminate the previously announced sale of the Goodrich Corporation pump and engine control systems business to TransDigm. The parties terminated their agreement after being informed that the U.S. Department of Justice objected to the transaction. Sale of the pump and engine control systems unit is one of the divestitures required by regulatory authorities as a condition of UTC's acquisition of Goodrich Corporation. UTC intends to comply with its obligation to sell this business to a buyer acceptable to the U.S. Department of Justice and European Commission. Any proposed transaction would be subject to regulatory approvals in the U.S. and other jurisdictions and to other customary closing conditions.  Full Article

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