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DEBT | 9 Months Ended
--- | ---
Jun. 28, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The Company’s debt consists of the following (in millions):
| June 28, 2025
| Gross Amount |  | Debt Issuance Costs |  | Original Issue Discount |  | Net Amount
Short-term borrowings—trade receivable securitization facility | $ | 650 |  |  | $ | — |  |  | $ | — |  |  | $ | 650 |
Term loans | $ | 8,659 |  |  | $ | (22) |  |  | $ | (30) |  |  | $ | 8,607 |
6.75% secured notes due 2028 (“2028 Secured Notes”) | 2,100 |  |  | (12) |  |  | (7) |  |  | 2,081 |
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”) | 1,200 |  |  | (5) |  |  | — |  |  | 1,195 |
6.375% secured notes due 2029 (“2029 Secured Notes”) | 2,750 |  |  | (19) |  |  | (1) |  |  | 2,730 |
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”) | 750 |  |  | (3) |  |  | — |  |  | 747 |
6.875% secured notes due 2030 (“2030 Secured Notes”) | 1,450 |  |  | (11) |  |  | — |  |  | 1,439 |
7.125% secured notes due 2031 (“2031 Secured Notes”) | 1,000 |  |  | (8) |  |  | (6) |  |  | 986 |
6.625% secured notes due 2032 (“2032 Secured Notes”) | 2,200 |  |  | (17) |  |  | — |  |  | 2,183 |
6.00% secured notes due 2033 (“2033 Secured Notes”) | 1,500 |  |  | (13) |  |  | — |  |  | 1,487 |
6.375% senior subordinated notes due 2033 (“6.375% 2033 Notes”) | 2,650 |  |  | (14) |  |  | (20) |  |  | 2,616 |
Government refundable advances | 12 |  |  | — |  |  | — |  |  | 12 |
Finance lease obligations | 279 |  |  | — |  |  | — |  |  | 279 |
| 24,550 |  |  | (124) |  |  | (64) |  |  | 24,362 |
Less: current portion | 94 |  |  | — |  |  | — |  |  | 94 |
Long-term debt | $ | 24,456 |  |  | $ | (124) |  |  | $ | (64) |  |  | $ | 24,268 |
| September 30, 2024
| Gross Amount |  | Debt Issuance Costs |  | Original Issue Discount |  | Net Amount
Short-term borrowings—trade receivable securitization facility | $ | 487 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 486 |
Term loans | $ | 8,702 |  |  | $ | (25) |  |  | $ | (35) |  |  | $ | 8,642 |
5.50% Senior Subordinated Notes due 2027 (“5.50% 2027 Notes”) | 2,650 |  |  | (9) |  |  | — |  |  | 2,641 |
2028 Secured Notes | 2,100 |  |  | (15) |  |  | (8) |  |  | 2,077 |
4.625% 2029 Notes | 1,200 |  |  | (6) |  |  | — |  |  | 1,194 |
2029 Secured Notes | 2,750 |  |  | (22) |  |  | (1) |  |  | 2,727 |
4.875% 2029 Notes | 750 |  |  | (4) |  |  | — |  |  | 746 |
2030 Secured Notes | 1,450 |  |  | (12) |  |  | — |  |  | 1,438 |
2031 Secured Notes | 1,000 |  |  | (9) |  |  | (7) |  |  | 984 |
2032 Secured Notes | 2,200 |  |  | (20) |  |  | — |  |  | 2,180 |
2033 Secured Notes | 1,500 |  |  | (14) |  |  | — |  |  | 1,486 |
Government refundable advances | 17 |  |  | — |  |  | — |  |  | 17 |
Finance lease obligations | 262 |  |  | — |  |  | — |  |  | 262 |
| 24,581 |  |  | (136) |  |  | (51) |  |  | 24,394 |
Less: current portion | 99 |  |  | (1) |  |  | — |  |  | 98 |
Long-term debt | $ | 24,482 |  |  | $ | (135) |  |  | $ | (51) |  |  | $ | 24,296 |
Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $380 million and $185 million as of June 28, 2025 and September 30, 2024, respectively. Issuance of $2,650 million of Senior Subordinated Notes due 2033 – On May 20, 2025, the Company entered into a purchase agreement in connection with a private offering of $2,650 million in aggregate principal amount consisting of the 6.375% 2033 Notes at an issue price of 99.225% of the principal amount, which represents an approximately $20.5 million discount. The 6.375% 2033 Notes were issued pursuant to an indenture, dated as of May 20, 2025, amongst TransDigm Inc., as issuer, TransDigm Group and the other subsidiaries of TransDigm Inc. named therein, as guarantors. The 6.375% 2033 Notes are guaranteed, on a senior subordinated basis, by TransDigm Group and each of TransDigm Inc.’s direct and indirect restricted subsidiaries that is a borrower or guarantor under TransDigm’s senior secured credit facilities or that issues or guarantees any capital markets indebtedness of TransDigm or any of the guarantors in an aggregate principal amount of at least $200 million. The guarantees in respect of the notes will be unsecured and will rank pari passu in right of payment with all of the existing and future senior subordinated indebtedness of TD Group and the subsidiaries that will guarantee the notes, including their guarantees of the 4.625% 2029 Notes and the 4.875% 2029 Notes, and junior in right of payment to all existing and future senior indebtedness of TD Group and the subsidiaries that will guarantee the notes, including their guarantees under the senior secured credit facilities and the outstanding secured notes. The Company capitalized $14 million in debt issuance costs associated with the 6.375% 2033 Notes during the thirty-nine week period ended June 28, 2025. Redemption of $2,650 million of Senior Subordinated Notes due 2027 – On June 20, 2025, the Company redeemed all $2,650 million aggregate principal of its outstanding 5.50% 2027 Notes at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the redemption date, using the net proceeds of the offering of the 6.375% 2033 Notes (as further described above), together with existing cash on hand. The Company recorded refinancing costs of $7 million, consisting of the write-off of $7 million in unamortized debt issuance costs during the thirty-nine week period ended June 28, 2025 in conjunction with the redemption of the 5.50% 2027 Notes. Trade Receivable Securitization Facility – The Company’s trade receivable securitization facility (the “Securitization Facility”) effectively increases the Company’s borrowing capacity depending on the amount of the domestic operations’ trade accounts receivable. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. The Company uses the proceeds from the Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially all of the Company’s domestic operations’ trade accounts receivable. During the first quarter of fiscal 2025, the Company drew the remaining $163 million available under the Securitization Facility, bringing the total drawn to $650 million. At June 28, 2025, the total drawn remained at $650 million. The Securitization Facility bears interest at a rate of Term SOFR plus 1.45%. At June 28, 2025 and September 30, 2024, the applicable interest rate was 5.73% and 6.73%, respectively. Subsequent Event – Trade Receivable Securitization Facility – On July 11, 2025, the Company amended the Securitization Facility to, among other things, (i) increase the borrowing capacity from $650 million to $725 million; and (ii) extend the maturity date to July 10, 2026 at an interest rate of Term SOFR plus 1.35% compared to an interest rate of Term SOFR plus 1.45% that applied prior to the amendment. Government Refundable Advances – Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation. The requirement to repay this advance is based on year-over-year commercial aviation revenue growth for certain product lines at CMC Electronics, which is a wholly-owned subsidiary of TransDigm. As of June 28, 2025 and September 30, 2024, the outstanding balance of these advances was $12 million and $17 million, respectively. Obligations under Finance Leases – The Company leases certain buildings and equipment under finance leases. The present value of the minimum finance lease payments, net of the current portion, represents a balance of $279 million and $262 million at June 28, 2025 and September 30, 2024, respectively. Refer to Note 14, “Leases,” for further disclosure of the Company's lease obligations.

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