UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| ITEM 1.01. | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
Amendments to Securitization Facility
On September 29, 2020, Triumph Group, Inc. (the “Company”) entered into amendments to its existing $50 million receivables securitization facility (the “Receivables Securitization Facility,” and such amendments, the “Securitization Facility Amendments”), which was established in August 2008 and amended from time to time by entering into (i) an amended and restated receivables purchase agreement (the “Amended and Restated Receivables Purchase Agreement”), among Triumph Receivables, LLC, as seller, the Company, as servicer, the various purchasers, LC participants and purchaser agents from time to time party thereto, PNC Bank, National Association, as administrator and as LC bank and PNC Capital Markets LLC, as structuring agent, (ii) an amended and restated purchase and sale agreement, among various entities listed therein, as the originators, the Company, individually and as servicer and Triumph Receivables, LLC and (iii) an amended and restated performance guaranty, by the Company in favor of PNC Bank, National Association, as administrator. The Securitization Facility Amendments provide the Company with enhanced liquidity options by establishing a letter of credit facility under the Receivables Securitization Facility which effectively replaces a similar limited letter of credit facility under its previous credit agreement that was terminated on August 17, 2020. Pursuant to the letter of credit facility, Triumph Receivables, LLC may request that PNC Bank, National Association issue one or more letters of credit that will expire no later than 12 months after the date of issuance, extension or renewal, as applicable.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 5, 2020 | TRIUMPH GROUP, INC. | |||||
| By: | /s/ Thomas A. Quigley, III | |||||
| Thomas A. Quigley, III | ||||||
| Vice President, Investor Relations & Controller | ||||||