TTM Technologies, Inc. Completes a Series of Refinancing Transactions; Announces the Closing of New Asia ABL Facility
20 Junio 2023 - 7:30AM
TTM Technologies, Inc. (NASDAQ:TTMI) (“TTM”), a leading global
manufacturer of technology solutions including mission systems,
radio frequency (“RF”) components and RF microwave/microelectronic
assemblies and printed circuit boards (“PCBs”), today announced the
closing of a new Asia asset-based revolving credit facility with
committed borrowing capacity of $150 million (the “New Asia ABL
Facility”).
The New Asia ABL Facility amends and restates TTM’s previous
$150 million Asia asset-based revolving credit facility, which was
scheduled to mature in June 2024. The New Asia ABL
Facility is scheduled to mature in June 2028 and has a borrowing
rate of Term SOFR plus 1.3%. Currently, $30 million is drawn on the
new Asia ABL facility, the same as the previous facility.
The US and Asia ABL facilities mature in 2028, the Senior Notes
mature in 2029, and the Term Loan facility matures in 2030.
“Following the successful execution of the series of refinancing
transactions we believe that TTM’s capital structure is well
positioned for the next several years while we continue to execute
our corporate strategy,” said Todd Schull, TTM’s Chief Financial
Officer.
About TTMTTM Technologies, Inc. is a leading
global manufacturer of technology solutions including mission
systems, RF components and RF microwave/microelectronic assemblies,
and quick-turn and technologically advanced PCBs. 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.
Additional information can be found at www.ttm.com.
Forward-looking StatementsThis release contains
forward-looking statements that relate to future events or
performance. 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. Statements related to, among other
things, the scheduled maturity of the New Term Loan Facility, the
New Asia ABL Facility and the New U.S. ABL Facility, constitute
forward-looking statements. 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. These risks and uncertainties include,
but are not limited to, the impact of COVID-19, general market and
economic conditions, including interest rates, currency exchange
rates and consumer spending, demand for TTM’s products, market
pressures on prices of TTM’s products, warranty claims, changes in
product mix, contemplated significant capital expenditures and
related financing requirements, TTM’s dependence upon a small
number of customers and other factors set forth in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of TTM’s public
reports filed with the SEC.
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Contact: |
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Sameer Desai, |
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Vice President, Corporate |
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Development & Investor Relations |
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Sameer.desai@ttmtech.com |
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714-327-3050 |
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