Woodward Announces Refinancing of $100,000,000 of Its 5.63% Series B Senior Notes Due October 1, 2013

Woodward Announces Refinancing of $100,000,000 of Its 5.63% Series B Senior 
Notes Due October 1, 2013 
FORT COLLINS, CO -- (Marketwired) -- 10/01/13 --  Woodward, Inc.
(NASDAQ: WWD) (the "Company") today announced it has entered into a
note purchase agreement with institutional investors and completed a
senior notes issuance of $100 million in aggregate principal amount
consisting of three series of senior notes with seven-, ten-, and
twelve-year maturities. The notes have an effective weighted average
interest rate of 3.76 percent. The Company intends to use the
proceeds of the notes to repay all of its outstanding 5.63 percent
Series B Senior Notes due October 1, 2013.   
Under the terms of the note purchase agreement, Woodward also intends
to issue an additional $150 million in aggregate principal amount of
senior notes, including one series of floating rate notes, with
similar maturities and an overall effective weighted average interest
rate on the fixed rate notes of 4.11 percent, on November 15, 2013.
The Company believes the senior notes issuances are consistent with
its long-range capitalization strategy. 
The senior unsecured notes issued in the private placement have not
been registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This news
release shall not constitute an offer to sell or a solicitation to
buy such notes and is issued pursuant to Rule 135c under the
Securities Act of 1933. 
About Woodward, Inc. 
Woodward is an independent designer, manufacturer, and service
provider of control system solutions and components for the aerospace
and energy markets. The company's innovative fluid, combustion,
electrical, and motion control systems help customers offer cleaner,
more reliable, and more efficient equipment. Our customers include
leading original equipment manufacturers and end users of their
products. Woodward is a global company headquartered in Fort Collins,
Colorado, USA. Visit our website at www.woodward.com, and connect
with us at www.facebook.com/woodwardinc.  
Information in this press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties, including, but not limited
to, statements regarding the use of the proceeds from the private
placement of senior notes, the Company's long-range capitalization
strategy and the expectation that Woodward will be able to issue an
additional $150 million of senior notes. Readers are cautioned that
these forward-looking statements are only predictions and are subject
to risks, uncertainties, and assumptions that are difficult to
predict. Factors that could cause actual results and the timing of
certain events to differ materially from the forward-looking
statements include, but are not limited to, Woodward's ability to
satisfy its representations, warranties and covenants under the note
purchase agreement, instability in the financial markets, sovereign
credit rating downgrades and uncertainty surrounding European
sovereign and other debt defaults, or other prolonged unfavorable
economic and other industry conditions; conditions in the capital and
financial markets generally, interest rates, general economic
conditions and other risk factors described in Woodward's Annual
Report on Form 10-K for the year ended September 30, 2012 and any
subsequently filed Quarterly Report on Form 10-Q. 
Don Guzzardo
Director, Investor Relations & Treasury
Woodward, Inc.
1000 East Drake Road
Fort Collins, Colorado 80525, USA
Tel: 970-482-5811
Fax: 970-498-3058 
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