288.00 -0.93 (-0.32%)
After hours: 5:03PM EDT
Price Crosses Moving Average
|Bid||252.02 x 800|
|Ask||288.91 x 900|
|Day's Range||284.36 - 301.52|
|52 Week Range||200.06 - 673.51|
|Beta (5Y Monthly)||1.53|
|PE Ratio (TTM)||22.51|
|Earnings Date||May 04, 2020 - May 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Dec 26, 2019|
|1y Target Est||397.42|
TransDigm Group Incorporated ("TransDigm Group") (NYSE: TDG) announced today that on April 2, 2020, its wholly-owned subsidiary, TransDigm Inc., priced its private offering of $1,100 million aggregate principal amount of 8.00% Senior Secured Notes due 2025 (the "Notes"). The Notes will be issued at a price of 100% of their principal amount. The Notes will be guaranteed, with certain exceptions, by TransDigm Group, TransDigm UK Holdings plc and all of TransDigm Inc.'s existing and future U.S. subsidiaries on a senior secured basis. The offering is expected to close on April 8, 2020, subject to customary closing conditions.
(Bloomberg) -- Investors are finally warming up to the high-yield market, piling into a handful of new deals and propelling inflows to a record high.Junk bond funds took in $7.09 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record. The cash influx comes on top of three new high-yield offerings Thursday, opened up by the success of deals from Carnival Corp. and YUM! Brands Inc. earlier this week.Issuers are seeing a resurgence in risk appetite, as massive demand for new bond sales has allowed companies to go bigger and bolder with their debt offerings. T-Mobile US Inc. is issuing $19 billion of secured investment-grade bonds in the year’s second-largest sale, while Tenet Healthcare Corp. and TransDigm Group Inc. were able to boost the size of their high-yield offerings.Investment-grade issuance in the U.S. set a new weekly record, with T-Mobile and Oracle Corp. pushing supply to $110.9 billion through Thursday, edging past last week’s total. Issuers came forward with strong reception despite a record high number of U.S. jobless claims, on top of 17 new deals in Europe.Credit investors’ desire for European corporate debt showed no sign of easing as they threw more than 70 billion euros ($76.5 billion) toward new European bond offerings in just one day. Among the big ones today were oil majors BP Plc and Royal Dutch Shell Plc, taking advantage of rising oil prices after China said it would boost its reserves.“Primary market activity has resumed with a vengeance,” said Wolfgang Bauer, a fund manager at M&G Plc. “It’s fair to say that market functionality in the European investment-grade market, particularly on the primary market side, has noticeably improved over the past week.”U.S.T-Mobile was by far the largest deal on the docket today, and the second-largest this year coming behind Oracle. Investment-grade issuance reached $32.1 billion Thursday.Tenet, TransDigm and Restaurant Brands are bringing high-yield offerings, following YUM! Brands which reopened that market MondayCarnival, though technically investment-grade rated, was run off the high-yield syndicate desks and was able to boost the size and cut the coupon WednesdayFor deal updates, click here for the New Issue MonitorFunds that invest in high-yield corporate debt saw investors add $7.09 billion for the week ended Wednesday, according to Refinitiv Lipper data. Investment-grade funds saw continued outflows as $8.47 billion was withdrawn Boeing is offering buyouts to its entire staff of 161,000 people and weighing new output reductionsPimco sees opportunities in bonds issued by high-quality companies in the utility, power, health care, cable and telecom sectors, according to Mark Kiesel, the firm’s chief investment officer for global creditBankrupt shale driller Alta Mesa Resources has a tentative deal to sell itself for $220 million, down from $320 million before the buyer demanded a discount because of the coronavirus pandemicBanks that agreed to help finance leveraged buyouts are starting to feel the pain from a freeze in the market for risky corporate debtEuropeOil giants BP Plc, Royal Dutch Shell Plc and OMV AG all offered euro notes Thursday, capitalizing on a boost in oil prices after China moved forward with plans to bolster its reserves.Lloyds Bank Corporate Markets Plc and British American Tobacco Plc rounded out a total of 17 issuers that sold EU25.46bRampant demand has allowed companies to chop pricing on their bonds, with Schneider Electric SE pulling in a staggering 8.8 billion euros of orders for a 500 million-euro seven-year noteMore triple-B rated companies dove into the market, including LafargeHolcim“While last week the focus had still been firmly on issuers at the higher end of the investment-grade quality spectrum, this week BBB-rated issuers have joined the new issue pipeline,” said M&G’s BauerCorporate bond spreads continue to ease from the highest levels since 2012, falling 3 basis points to 239 basis points on WednesdayDefault-swaps insuring the highest-rated corporate debt remain elevated at about 105 basis points. Nonetheless, this compares to a peak of about 138 basis points reached last month, according to a Bloomberg Barclays indexBanks may ask authorities to advise against calls on some instruments if the economy deteriorates further, Jakub Lichwa, a strategist at Royal Bank of Canada, wrote in a noteAsiaThursday was a down day for credit in Asia. Yield premiums on Asian dollar bonds and the cost of insuring debt against default in the region both increased, as more dour news on the coronavirus pandemic limited risk-taking. Read more about that here.Spreads on top-rated Asian dollar bonds were around 10 basis points wider Thursday, according to traders, after rising 3 basis points Wednesday. They are headed for a seventh straight week of increases, the longest such streak in more than a year, according to a Bloomberg Barclays indexThe Markit iTraxx Asia ex-Japan index of credit-default swaps rose about 5-8 basis points on Thursday, according traders. The gauge widened 13 on Wednesday, according to CMA dataChinese investment-grade dollar bonds may continue to outperform other emerging-market peers, says Todd Schubert, head of fixed-income research at Bank of Singapore Ltd. Better-rated Chinese notes are often government related and seem to be considered a safe haven in emerging economies, he saysSouth Korea’s 20 trillion won ($16 billion) bond stabilization fund started buying corporate notes and commercial paper from today, the Financial Services Commission said. The regulator believes the fund will act as a safety net for the marketA sale of asset-backed securities by Korean Air Lines Co. showed carriers pummeled by the coronavirus outbreak can still issue debt, though at a steep cost. Here’s a chart showing the tumble in the airline’s dollar notes:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") assigned a Ba3 rating to TransDigm Inc.'s proposed new senior secured notes and placed them on review for downgrade. All other ratings, including the company's B1 corporate family rating (CFR) and the B1-PD probability of default rating, as well as the Ba3 ratings for its senior secured bank credit facilities and existing senior secured notes, and the B3 ratings for its senior subordinated notes, are unchanged and remain on review for downgrade, as well.
Aircraft components maker TransDigm Group Inc. said Thursday that it will cut its workforce by 15%, citing the disruption the COVID-19 pandemic has caused to the aerospace and travel industries. Based on 18,300 employees the company said it has as of Sept. 30, 2019, the cuts could impact 2,745 employees. The company said laid-off U.S. employees will receive a "substantial" lump sum payment based on their tenure, and an additional $4,000 to help with expenses associated with health care and job search. TransDigm said it will "substantially" reduce the cash compensation of its senior management team, with Chief Executive Kevin Stein cutting his cash compensation by over 50%. TransDigm also said it was withdrawing its financial guidance. "At this time, the duration or magnitude of this disruption is difficult to predict and the Company may have to adjust its plans as the situation evolves," the company said in a statement. The stock, which fell 0.9% in premarket trading, has plunged 51.3% year to date through Wednesday, while the Dow Jones Industrial Average has shed 26.6%.
TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today announced cost mitigation efforts as a result of disruption in the aerospace and travel industries as a result of the COVID-19 virus.
TransDigm Group Incorporated ("TransDigm Group") (NYSE: TDG) announced today that its wholly-owned subsidiary, TransDigm Inc., is planning, subject to market and other conditions, to offer senior secured notes (the "Notes") in a private offering that will be exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). It is expected that the Notes will be guaranteed, with certain exceptions, by TransDigm Group, TransDigm UK Holdings plc and all of TransDigm Inc.'s existing and future U.S. subsidiaries on a senior secured basis.
Moody's Investors Service ("Moody's") placed its ratings for TransDigm, Inc. on review for downgrade. "The review for downgrade reflects Moody's expectation that the coronavirus will have a significant adverse impact on commercial aerospace traffic volumes for at least the balance of 2020," says Eoin Roche, Moody's lead analyst for TransDigm.
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TransDigm Group Incorporated (NYSE: TDG) today announced the postponement of the Company's 2020 Annual Meeting of Stockholders. On February 10, 2020, the Company filed with the Securities and Exchange Commission and made available to its stockholders of record a proxy statement (the "Proxy Statement") for the Company's 2020 Annual Meeting of Stockholders (the "Annual Meeting") to be held on Tuesday, March 24, 2020. Because of restrictions on the conduct of non-essential business implemented yesterday by the Governor of Ohio in response to the COVID-19 crisis, the Company is postponing the Annual Meeting to a later date to be determined. Once determined by the Board of Directors, the Company will announce the record date and the new date, time and location of the Annual Meeting and the applicable time periods for stockholder proposals and director nominations. The Company is assessing its options including the possibility of holding a virtual or hybrid meeting with a view to protect the health and safety of its employees, shareholders and others who usually attend the annual meeting.
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