STRENGTHENED BALANCE SHEET AND REDUCED
LEVERAGE WITH APPROXIMATELY $100
MILLION OF PROCEEDS FROM WARRANT EXERCISE
RADNOR,
Pa., July 10, 2023 /PRNewswire/ -- Triumph
Group, Inc. ("TRIUMPH" or the
"Company") (NYSE:TGI) today announced the completion of the
redemption of all of its outstanding warrants (CUSIP 896818 119)
(the "Warrants") to purchase shares of the Company's common stock
and the final exercise amounts of Warrants.
On June 16, 2023, the Company
issued a press release stating that, pursuant to the terms of the
warrant agreement dated December 19,
2022 (the "Warrant Agreement"), it would redeem all of the
outstanding Warrants on July 6, 2023
(the "Redemption Date").
Of the 19,126,178 Warrants that were outstanding on March 31, 2023, 1,085,310 Warrants were exercised
with $13.4 million of TRIUMPH's 7.750% Senior Notes due August 15, 2025 (the Designated Notes during such
period) and 6,755,271 Warrants were exercised for cash at an
exercise price of $12.35 per share.
15,123 Warrants were exercised for cash at an exercise price of
$12.35 per share with the
Over-Subscription Privilege to acquire 17,655 shares of common
stock in accordance with the terms of the Warrant Agreement.
The total proceeds from the Warrants from March 31, 2023 through the Redemption Date was
$97.0 million, including $13.4 million in Designated Notes. Following the
Redemption Date, there are zero warrants outstanding and 76,713,281
shares of common stock outstanding.
In total, TRIUMPH increased its
equity by approximately $100 million
through the exercise of 8,085,968 million warrants. TRIUMPH increased its cash by approximately
$85 million and reduced debt by
approximately $14 million.
In connection with the redemption, the Warrants stopped trading
on OTC and were delisted on July 3,
2023. The redemption had no effect on the trading of
TRIUMPH's common stock, which
continue to trade on the New York Stock Exchange under the symbol
"TGI."
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.
More information about TRIUMPH
can be found on the company's website at www.triumphgroup.com.
View original
content:https://www.prnewswire.com/news-releases/triumph-completes-redemption-of-warrants-and-announces-final-exercise-amounts-301872555.html
SOURCE Triumph Group