TTM Announces Proposed Offering of $500 Million of Senior Notes Due 2034
TTM plans $500 million of 2034 senior notes plus new term loans to finance pending acquisitions and related corporate purposes.
Rhea-AI Summary
TTM Technologies (TTMI) plans a private offering of $500 million aggregate principal amount of senior unsecured notes due 2034, subject to market and customary conditions.
The notes will be guaranteed by subsidiaries that guarantee TTM’s senior secured credit facilities, subject to exceptions. TTM intends to use net 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, to fund the purchase price of the proposed acquisition of Epiq Solutions, for general corporate purposes including potentially reducing Revolving Credit Facility borrowings for the proposed acquisition of Swiss Technology Group, and to pay related fees and expenses.
If the Epiq Solutions acquisition is not completed by the defined outside date, TTM must redeem the notes at 100% of principal plus accrued interest.
Positive
- $500 million senior unsecured notes due 2034 provide long-term funding flexibility
- Planned $300 million term loan A and $800 million term loan B support acquisition financing needs
- Redemption at 100% of principal plus accrued interest if Epiq deal fails offers protection to noteholders
Negative
- Up to $1.9 billion in new debt financing increases leverage and interest obligations
- Notes are offered in a private placement, limiting liquidity to qualified institutional and non-U.S. investors
News Explained
The two proposed transactions can proceed independently; if Epiq does not close by November 15, 2026, the notes must be redeemed, subject to extension.
The
If Epiq has not closed by
Key Figures
- Senior notes offering
- $500 million
- Aggregate principal amount; notes due 2034
- Incremental term loan A
- $300 million
- Expected borrowing to fund the Epiq acquisition and related purposes
- Incremental term loan B
- $800 million
- Expected borrowing to fund the Epiq acquisition and related purposes
- Note redemption price
- 100% of principal amount
- If the Epiq acquisition is not completed by the applicable outside date
- Initial outside date
- November 15, 2026
- Deadline for consummation of the Epiq acquisition
- Automatic extension date
- May 15, 2027
- Available in certain circumstances under the outside-date provision
Historical Context
-
Definitive agreement set a $1.1 billion cash purchase financed with committed term facilities.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
senior unsecured obligations financial
rule 144a regulatory
regulation s regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
SANTA ANA, Calif., Sept. 10, 2026 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”) announced today that it intends to offer, subject to market and other customary conditions,
TTM intends to use the net proceeds of the offering of the Notes, together with expected borrowings from a
The offering of the Notes is not conditioned on the consummation of the proposed acquisition of Epiq Solutions, and the consummation of the proposed acquisition of Epiq Solutions is not conditioned upon the closing of the offering of the Notes. If the acquisition of Epiq Solutions is not consummated on or before November 15, 2026 (subject to automatic extension to May 15, 2027 in certain circumstances) (the “Outside Date”) or TTM delivers a notice in writing to the trustee stating that it has determined that the consummation of the acquisition of Epiq Solutions will not occur on or before the Outside Date, TTM will be required to redeem the Notes at a redemption price equal to
The Notes and the related guarantees are being offered solely to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any sales of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is being issued pursuant to, and in accordance with, Rule 135c under the Securities Act.
Forward-looking Statements
This release contains forward-looking statements that relate to future events. 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. 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. Statements related to, among other things, the consummation of the offering of the Notes, the consummation of the Incremental Facilities, TTM’s ability to successfully consummate the proposed acquisition of Epiq Solutions, and potential changes in market conditions constitute forward-looking statements. For a description of additional factors that may cause TTM’s actual results, performance or expectations to differ from any forward-looking statements, please review the information 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 Securities and Exchange Commission.
About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards and substrates. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market.
Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466 7737
FAQ
How does TTM plan to use the proceeds from the senior notes offering?
TTM plans to use the net proceeds from the senior notes, together with borrowings under a $300 million incremental senior secured term loan A and an $800 million incremental senior secured term loan B, to fund the purchase price of the proposed acquisition of Epiq Solutions, for general corporate purposes, which may include reducing borrowings under its Revolving Credit Facility used to fund the proposed acquisition of Swiss Technology Group, and to pay related fees and expenses.
What happens to the notes if the Epiq Solutions acquisition is not completed by the outside date?
If the acquisition of Epiq Solutions is not consummated on or before November 15, 2026, subject to automatic extension to May 15, 2027 in certain circumstances, or if TTM notifies the trustee that the acquisition will not occur by that outside date, TTM must redeem the notes at a price equal to 100% of their principal amount plus accrued and unpaid interest from issuance to, but excluding, the redemption date.
Who is eligible to purchase the proposed senior notes?
The notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A in the United States and to non-U.S. persons outside the United States in compliance with Regulation S. The notes are not registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.
Are the senior notes guaranteed and by whom?
The notes will be senior unsecured obligations of TTM and will be guaranteed by TTM’s subsidiaries that guarantee its senior secured credit facilities, including its term loan B due 2030 and its revolving credit facility, subject to certain exceptions.