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TTM Technologies Completes Refinancing; Will Close New Asia ABL Facility
June 21, 2023 | TTM Technologies, Inc.Estimated reading time: Less than a 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 of a new Asia asset-based revolving credit facility with committed borrowing capacity of $150 million.
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.
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