CLEVELAND, Sept. 20,
2024 /PRNewswire/ -- TransDigm Group Incorporated
("TransDigm Group") (NYSE: TDG) today announced that its Board of
Directors has authorized and declared a special cash dividend of
$75.00 on each outstanding share of
common stock and cash dividend equivalent payments on eligible
vested options granted under its stock option plans. The record
date for the special dividend is October 4,
2024, and the payment date for the dividend is October 18, 2024.
TransDigm Group also announced today that on September 19, 2024, its wholly-owned subsidiary,
TransDigm Inc., received the funding of the previously announced
incremental $3 billion of new secured
debt, consisting of $1.5 billion of
new term loans maturing 2032 with an interest rate of TERM SOFR
plus 2.5% and $1.5 billion of new
Senior Secured Notes maturing 2033 with an interest rate of
6.0%.
"Our regularly stated goal is to deliver returns to shareholders
that are comparable to those of well performing private equity
funds, while offering the liquidity of a public market. This
special dividend is a key part of our ongoing efforts to actively
manage our balance sheet and achieve that objective," stated
Kevin Stein, TransDigm Group's
President and Chief Executive Officer. "The payout of this
$75.00 per share special dividend
will leave us with significant liquidity and financial flexibility
to address any likely range of capital requirements or other
opportunities. As you know, we are continuously assessing our
capital allocation options and are pleased to return this capital
to our shareholders."
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a
leading global designer, producer and supplier of highly engineered
aircraft components for use on nearly all commercial and military
aircraft in service today. Major product offerings, substantially
all of which are ultimately provided to end-users in the aerospace
industry, include mechanical/electro-mechanical actuators and
controls, ignition systems and engine technology, specialized pumps
and valves, power conditioning devices, specialized AC/DC electric
motors and generators, batteries and chargers, engineered latching
and locking devices, engineered rods, engineered connectors and
elastomer sealing solutions, databus and power controls, cockpit
security components and systems, specialized and advanced cockpit
displays, engineered audio, radio and antenna systems, specialized
lavatory components, seat belts and safety restraints, engineered
and customized interior surfaces and related components, advanced
sensor products, switches and relay panels, thermal protection and
insulation, lighting and control technology, parachutes, high
performance hoists, winches and lifting devices, cargo loading,
handling and delivery systems, specialized flight, wind tunnel and
jet engine testing services and equipment, and electronic
components used in the generation, amplification, transmission and
reception of microwave signals.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements. All
forward-looking statements involve risks and uncertainties that
could cause TransDigm Group's actual results to differ materially
from those expressed or implied in any forward-looking statements
made by, or on behalf of, TransDigm Group. These risks and
uncertainties include but are not limited to: the sensitivity of
our business to the number of flight hours that our customers'
planes spend aloft and our customers' profitability, both of which
are affected by general economic conditions; supply chain
constraints; increases in raw material costs, taxes and labor costs
that cannot be recovered in product pricing; failure to complete or
successfully integrate acquisitions; our indebtedness; current and
future geopolitical or other worldwide events, including, without
limitation, wars or conflicts and public health crises;
cybersecurity threats; risks related to the transition or physical
impacts of climate change and other natural disasters or meeting
sustainability-related voluntary goals or regulatory requirements;
our reliance on certain customers; the
United States ("U.S.") defense budget and risks associated
with being a government supplier including government audits and
investigations; failure to maintain government or industry
approvals; risks related to changes in laws and regulations,
including increases in compliance costs; potential environmental
liabilities; liabilities arising in connection with litigation;
risks and costs associated with our international sales and
operations; and other factors. Further information regarding the
important factors that could cause actual results to differ
materially from projected results can be found in TransDigm Group's
most recent Annual Report on Form 10-K and other reports that
TransDigm Group or its subsidiaries have filed with the Securities
and Exchange Commission. Except as required by law, TransDigm Group
undertakes no obligation to revise or update the forward-looking
statements contained in this press release.
Contact:
Investor Relations
(216) 706-2945
ir@transdigm.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/transdigm-group-declares-a-special-cash-dividend-of-75-00-per-share-and-announces-successful-completion-of-incremental-debt-302254118.html
SOURCE TransDigm Group Inc.
