Dan's Biz Bookshelf: 'Revenge of the Tipping Point'
Marcy's Musings: Engineering Economics
Punching Out: Should You Sell Your Company to a Private Equity Firm?
TTM Announces Closing of New Term Loan Facility and New U.S. ABL Facility
May 31, 2023 | Globe NewswireEstimated reading time: 1 minute
TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies and printed circuit boards (“PCBs”), announced the closing and syndication of a new $350 million senior secured term loan (the “New Term Loan Facility”) and the closing of a new U.S. asset-based revolving credit facility with committed borrowing capacity of $150 million (the “New U.S. ABL Facility”).
The New Term Loan Facility, which matures May 2030, amends and restates TTM’s previous senior secured term loan facility that was scheduled to mature in September 2024, under which $356 million of indebtedness was outstanding. TTM used the proceeds from its New Term Loan Facility to refinance $350 million of such outstanding indebtedness and used cash on hand to pay the remaining indebtedness as well as to pay related fees and expenses. The New U.S. ABL Facility amends and restates TTM’s previous $150 million U.S. asset-based revolving credit facility, which was scheduled to mature in June 2024.
The New Term Loan Facility was priced at an interest rate of Term SOFR + 2.75%. The new Term B Loans were issued with a 1.0% original issue discount. Annual cash interest expense is expected to increase by $0.9 million.
The maximum availability under the New U.S. ABL Facility is $150 million. The New U.S. ABL Facility is scheduled to mature in May 2028 and has a borrowing rate of Term SOFR plus a margin ranging from 1.35% to 1.6%.
As a result of these transactions, annual non-cash interest expense will increase approximately $0.3 million and TTM will record, in the second quarter of 2023, a non-cash expense of approximately $1.3 million for the write off of debt issuance costs.
The New Term Loan Facility was entered into with J.P. Morgan acting as administrative agent and joint lead arranger. Other joint lead arrangers for the New Term Loan Facility were BofA Securities, Inc., Barclays Bank PLC, Truist Securities, Inc. and HSBC Securities (USA) Inc. The New U.S. ABL Facility was entered into with J.P. Morgan acting as administrative agent.
Share on:
Suggested Items
Nano Dimension Posts Revenue of Revenue $14.9M in Q3 2024; Up 22% YoY
11/20/2024 | Nano DimensionNano Dimension Ltd., a leading supplier of Additively Manufactured Electronics (AME) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (AM) 3D printing solutions, today announced financial results for the third quarter ended September 30th , 2024 and shared a letter from Yoav Stern, the Company’s Chief Executive Officer and member of the Board of Directors.
Eltek Reports Q3 2024 Financial Results
11/20/2024 | PRNewswireEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2024.
China’s Energy Subsidies Boost 3Q24 TV Shipments by Nearly 10%; Annual Shipments Return to Growth
11/19/2024 | TrendForceGlobal TV brand shipments reached 52.33 million units in 3Q24, reflecting a QoQ increase of 9.6% and a YoY growth of 0.5%.
Sypris Reports Q3 Results; Revenue Up 6.2%
11/19/2024 | Sypris Electronics LLCRevenue for the quarter increased 6.2% year-over-year, driven by a 13.6% increase for Sypris Electronics and a 0.7% increase for Sypris Technologies. Orders were up 6.5% for the quarter and 13.4% year-to-date, reflecting positive growth for both businesses.
GPV’s Interim Financial Report Q3 2024: Keeping Pace in Challenging Market
11/15/2024 | GPVGPV reported sales of DKK 2.2 billion and earnings (EBITDA) of DKK 186 million for Q3 2024. This was a slight decline compared to the same quarter in the record year of 2023, and thus, GPV kept pace in a global market affected by continued market rebalancing and declining end-customer demand.