TTM Announces Proposed Offering of $375 Million of Senior Notes Due 2025
September 11 2017 - 7:45AM
TTM Technologies, Inc. (NASDAQ:TTMI) ("TTM") announced today that
it intends to offer, subject to market and other customary
conditions, $375 million in aggregate principal amount of senior
notes due 2025 (the “Notes”) in a private offering that is exempt
from registration under the Securities Act of 1933, as amended (the
“Securities Act”). The Notes will be the senior unsecured
obligations of TTM and will be guaranteed by TTM’s subsidiaries
that guarantee its senior secured credit facilities, subject to
certain exceptions.
TTM previously announced that it has begun to syndicate a $350
million senior secured term loan (the “New Term Loan”). TTM intends
to use the net proceeds of the offering of the Notes, together with
expected borrowings from its New Term Loan, to refinance the
indebtedness outstanding under TTM’s existing term loan facility
and repay a portion of the amounts outstanding under TTM’s U.S.
senior secured revolving credit facility, as well as to pay related
fees and expenses.
The Notes and related guarantees are being offered in a private
placement, solely to persons believed to be qualified institutional
buyers in reliance on Rule 144A under the Securities Act or outside
the United States to non-U.S. persons in compliance with Regulation
S under the Securities Act. The Notes and related guarantees have
not been registered under the Securities Act or the securities laws
of any other jurisdiction and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state securities or blue sky laws and foreign security laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any Notes, nor shall there be any
sales of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This press release is being issued pursuant to, and in accordance
with, Rule 135c under the Securities Act.
Forward-looking Statements This release
contains forward-looking statements that relate to future
events. TTM cautions you that such statements are simply
predictions and actual events or results may differ materially.
These statements reflect TTM’s current expectations, and TTM does
not undertake to update or revise these forward
looking statements, even if experience or future changes make
it clear that any projected results expressed or implied in this or
other TTM statements will not be realized. Further, these
statements involve risks and uncertainties, many of which are
beyond TTM’s control, which could cause actual results to differ
materially from the forward-looking statements.
Statements related to, among other things, the consummation of the
offering of the Notes, the consummation of the New Term Loan, and
potential changes in market conditions constitute forward-looking
statements. For a description of additional factors that may cause
TTM’s actual results, performance or expectations to differ from
any forward-looking statements, please review the information set
forth in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the Company’s public reports filed with the Securities and
Exchange Commission.
About TTM TTM Technologies, Inc. is a major
global printed circuit board manufacturer, focusing on quick-turn
and technologically advanced PCBs, backplane assemblies and
electro-mechanical solutions. TTM stands for time-to-market,
representing how TTM's time-critical, one-stop manufacturing
services enable customers to shorten the time required to develop
new products and bring them to market.
IR ContactSameer DesaiSenior Director,
Corporate Development & Investor
Relationssameer.desai@ttmtech.com714-327-3050
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