TransDigm Group (TDG) Declares $24.00 Special Dividend; 8.6% Yield
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TransDigm Group (NYSE: TDG) declared a special dividend of $24.00 per share.
The dividend will be payable on November 1, 2016, to stockholders of record on October 24, 2016, with an ex-dividend date of October 20, 2016.
The annual yield on the dividend is 8.6 percent.
TransDigm Group also announced today that it received the funding of the previously announced incremental term loans. TransDigm Group incurred $650 million of incremental term loans on October 14, 2016 and expects to incur an additional $500 million of delayed draw incremental term loans, the proceeds of which will be used to repurchase its 7.50% Senior Subordinated Notes due 2021 in connection with the previously announced tender offer.
W. Nicholas Howley, TransDigm Group's Chairman, President and Chief Executive Officer, stated, "Our regularly stated goal is to give our shareholders returns similar to well performing private equity funds while providing the liquidity of a public market. This special dividend is part of our ongoing efforts to actively manage our balance sheet as part of our program to meet that goal. We believe the credit market conditions continue to be favorable and provide us with the opportunity to accelerate returns to shareholders, reduce our overall average interest rate and extend maturities. The combination of current cash on hand, undrawn revolver, additional capacity under our credit agreement, and our typically strong quarterly cash generation should allow us adequate financial flexibility to meet the likely range of currently anticipated operating and acquisition needs."
For a dividend history and other dividend-related data on TransDigm Group (TDG) click here.
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