RADNOR,
Pa., June 7, 2023 /PRNewswire/ -- Triumph
Group, Inc. ("TRIUMPH" or the
"Company") (NYSE:TGI) today announced that, pursuant to the terms
of the warrants ("Warrants") it previously issued, the Company
intends to issue a notice of redemption to all Warrant holders on
or about June 16, 2023. Warrant
holders continue to be able to choose to exercise their Warrants
with Designated Notes (as defined below) or cash. After the close
of business on the date notice of redemption is issued, such
holders will only be able to exercise their Warrants with cash
until the redemption date. The redemption date will be stated in
the notice of redemption and will not be less than 20 calendar days
after such notice. This press release does not constitute a notice
of redemption of the Warrants.
On December 1, 2022, TRIUMPH issued the Warrants to all holders of
its common stock ("Common Stock"). Each Warrant represents the
right to purchase one share of Common Stock at an exercise price of
$12.35 per Warrant, subject to
certain anti-dilution adjustments. Payment of the exercise price
may be made in (i) cash or (ii) under certain circumstances, with
certain of TRIUMPH's debt
securities, which are called "Designated Notes" (currently, the
only Designated Notes are TRIUMPH's 7.750% Senior Notes due August 15, 2025). Once the Warrants are redeemed,
they will have no value.
"We are pleased with the current trajectory of our business, and
following our successful refinancing in March 2023, we will continue to prioritize
deleveraging over time as we increase topline growth, profitability
and cash flow generation," said Dan
Crowley, TRIUMPH's
chairman, president, and chief executive officer.
About TRIUMPH
TRIUMPH, headquartered in
Radnor, Pennsylvania, designs,
engineers, manufactures, repairs, and overhauls a broad portfolio
of aerospace and defense systems, subsystems, and components. 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 within the meaning of the federal
securities laws. Words such as "anticipate(s)," "expect(s),"
"intend(s)," "plan(s)," "believe(s)," "plan(s)," "may," "will,"
"would," "could," "should," "seek(s)," "forecast(s)," and similar
expressions, or the negative of these terms, are intended to
identify such forward-looking statements, including but not limited
to, the Company's intention to issue a notice of redemption of the
Warrants and future deleveraging plans. These statements are not
guarantees of future performance, condition or results, and 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 Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal year ended March
31, 2023.
More information about TRIUMPH
can be found on the company's website at www.triumphgroup.com.
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SOURCE Triumph Group