TRIUMPH ANNOUNCES NOTICE TO WARRANT HOLDERS OF INTENDED REDEMPTION

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.

View original content:https://www.prnewswire.com/news-releases/triumph-announces-notice-to-warrant-holders-of-intended-redemption-301845456.html

SOURCE Triumph Group