TTM Technologies said it plans to raise $500 million through a private offering of senior notes due 2034.
The company said the proceeds, together with expected borrowings from a $300 million incremental senior secured term loan A and an $800 million incremental senior secured term loan B, will help fund the purchase of EDS Intermediate Holding, LLC, which owns Epiq Solutions. TTM said the financing may also be used for general corporate purposes, including reducing any revolving credit facility borrowings tied to its separate planned acquisition of Swiss Technology Group AG.
The notes are expected to be senior unsecured obligations of TTM and guaranteed by subsidiaries that already back its senior secured credit facilities, including its term loan B due 2030 and revolving credit facility, with some exceptions.
TTM said the note offering is not dependent on closing the Epiq Solutions acquisition, and the acquisition is not dependent on the note sale. If the Epiq transaction is not completed by Nov. 15, 2026, with a possible automatic extension to May 15, 2027 in some cases, or if TTM decides it will not close by then, the company must redeem the notes at 100% of principal plus accrued interest.
The notes are being offered only to qualified institutional buyers in the U.S. under Rule 144A or to non-U.S. persons under Regulation S. As a result of these announcements, the company's shares have moved 3.82% on the market, and are now trading at a price of $127.01. For the full picture, make sure to review TTM TECHNOLOGIES INC's 8-K report.
