Ttm Technologies Inc Stock Price, News & Analysis

TTM Technologies (NASDAQ:TTMI) has completed a $500 million private offering of 4.000% senior notes due 2029. The notes are senior unsecured obligations and guaranteed by TTM's subsidiaries. Alongside this, TTM announced the early settlement of its cash tender offer for 65.92% of its existing 5.625% senior notes due 2025, totaling $247.2 million. The company plans to use proceeds from the new notes to fund the redemption of the remaining existing notes, repay its U.S. asset-based revolving credit facility, and for general corporate purposes.

TTM Technologies, Inc. (NASDAQ:TTMI) announced the early tender results of its cash tender offer for its $375 million 5.625% Senior Notes due 2025 as of March 8, 2021. TTM successfully received valid tenders amounting to approximately $247.2 million, representing 65.92% of outstanding Notes before the early tender deadline. The company also solicited consents to amend the indenture, allowing a reduced notice period for redemption. The tender offer will expire on March 22, 2021, unless extended. TTM plans to use funds from a new $500 million debt offering to finance the purchase of the Notes.

TTM Technologies, Inc. (NASDAQ:TTMI) has priced $500 million in 4.000% senior notes due 2029 in a private offering exempt from registration. The sale is set to close on March 10, 2021. The notes will be senior unsecured obligations, guaranteed by TTM's subsidiaries. Proceeds will be used to purchase $375 million of existing senior notes due 2025, repay amounts under TTM's U.S. ABL Facility, and cover related expenses. The offering is available to qualified institutional buyers under Rule 144A.

TTM Technologies, Inc. (NASDAQ:TTMI) plans to offer $500 million in senior notes due 2029. The offering is exempt from registration and is aimed at qualified institutional buyers. Proceeds will be used to repurchase existing $375 million senior notes due 2025, redeem remaining notes, pay off the U.S. ABL Facility, and cover associated costs. This financing strategy is part of TTM's ongoing financial management to enhance liquidity and reduce debt obligations.

On February 23, 2021, TTM Technologies, Inc. (NASDAQ: TTMI) launched a tender offer to purchase all outstanding $375 million of its 5.625% Senior Notes due 2025. Concurrently, the company is soliciting consents to amend the indenture governing the Notes, aiming to shorten the optional redemption notice from 30 days to 3 business days. The Tender Offer will expire at midnight on March 22, 2021, unless extended. Holders of validly tendered Notes will also receive accrued and unpaid interest. The offer is contingent on TTM satisfying certain conditions, including securing New Debt Financing.

TTM Technologies, Inc. (NASDAQ:TTMI) has announced a share repurchase program with an authorization of up to $100 million to buy back its outstanding common stock until February 3, 2023. President and CEO Tom Edman emphasized that this decision is a prudent use of capital, reflecting TTM's strategic and operational advancements and strong balance sheet. The repurchase will be executed based on management's discretion regarding liquidity and market conditions.

TTM Technologies, Inc. (TTMI) reported a strong fourth quarter of fiscal 2020, with net sales of $523.8 million, up from $535.7 million in Q4 2019. The company achieved a GAAP net income of $39.0 million or $0.34 per diluted share. Non-GAAP net income was $40.2 million, representing a 46.6% increase year-over-year. TTM's cash flow from operations was $55.5 million, and they successfully repaid $250 million in convertible bonds, reducing their leverage ratio to 1.4x. For Q1 2021, TTM forecasts revenue between $490 million and $530 million.

TTM Technologies, Inc. (NASDAQ: TTMI) has been awarded the prestigious 2020 EXFO World-Class Supplier title, recognizing its excellence in various performance categories such as on-time delivery and quality. The award reflects TTM's commitment to customer satisfaction and operational efficiency.

Kent Hardwick, Senior Vice President of Global Sales and EMS, emphasized the importance of this recognition and the company's dedication to enhancing its partnership with EXFO, a key customer in the telecom sector.

TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on February 3, 2021, at 4:30 p.m. Eastern Time to discuss its fourth quarter and fiscal year 2020 performance. The financial results will be released after market close on the same day. Interested parties can access the call by dialing 800-458-4121 or internationally at 323-794-2093. The event will also be streamed on TTM's website, remaining available for a week post-event. TTM is a leading manufacturer of printed circuit boards, emphasizing quick-turn and volume production.