TTM Technologies (NASDAQ: TTMI) adds $1.0B revolver and $400M term loan
Rhea-AI Filing Summary
TTM Technologies, Inc. entered into a new Second Amended & Restated Credit Agreement providing a repriced and upsized $400 million senior secured term loan facility and a new $1.0 billion senior secured cash flow revolving credit facility. Term loan proceeds refinanced $340.4 million outstanding under the prior term loan and related fees and expenses, while keeping the maturity date at May 30, 2030. The term loan now bears interest at Term SOFR plus 1.75%, 50 basis points lower than before, with annual principal repayments equal to 1% of the initial principal. The revolver replaces prior $150 million U.S. and $150 million Asia asset-based facilities and is scheduled to mature in May 2031, with a $200 million letter of credit subfacility. The agreement is guaranteed by domestic subsidiaries, secured by first priority liens on substantially all assets, and includes financial covenants requiring at least a 2.50:1.00 consolidated interest coverage ratio and a maximum consolidated leverage ratio of 4.50:1.00, subject to an acquisition holiday up to 5.00:1.00.
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Insights
TTM refinances and expands credit, lowering term loan spreads.
TTM Technologies replaced its prior term loan and two asset-based revolvers with a larger, cash flow-based structure: a $400 million senior secured term loan and a $1.0 billion revolving credit facility. The term loan refinancing reduced pricing by 50 basis points versus the prior facility.
The revolver shifts the company from regional asset-based lines to a consolidated cash flow facility maturing in May 2031, with a $200 million letter of credit sublimit. Maintenance covenants apply to the revolver, including a minimum consolidated interest coverage ratio of at least 2.50:1.00 and a maximum consolidated leverage ratio of 4.50:1.00, temporarily stepping up to 5.00:1.00 after qualifying acquisitions.
Obligations are guaranteed by domestic subsidiaries and secured by first priority liens on substantially all tangible and intangible assets, including capital stock within specified limits. The economic impact will depend on actual revolver usage, interest rate levels, and the company’s leverage profile in future quarters, as reflected in subsequent filings.
8-K Event Classification
Key Figures
Key Terms
Term SOFR financial
senior secured term loan credit facility financial
senior secured cash flow revolving credit facility financial
consolidated leverage ratio financial
consolidated interest coverage ratio financial
event of default financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Section 1 - Registrant’s Business and Operations
| Item 1.01. | Entry Into a Material Definitive Agreement. |
On June 1, 2026 (the “Closing Date”), TTM Technologies, Inc. (the “Company”) entered into a Second Amended & Restated Credit Agreement by and among the Company, the foreign subsidiary borrowers party thereto, any designated borrowers party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the several lenders from time to time parties thereto (the “2026 Credit Agreement”). The 2026 Credit Agreement amends and restates the Company’s existing Amended & Restated Term Loan Credit Agreement, dated as of May 30, 2023, by and among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the several lenders from time to time parties thereto, as amended by the First Amendment dated as of August 1, 2024, and provides for a Term Loan Facility (as defined below) and a Revolving Credit Facility (as defined below).
Term Loan Facility
The 2026 Credit Agreement provides for a repriced and upsized $400.0 million senior secured term loan credit facility (the “Term Loan Facility”) that amends and restates the Company’s existing senior secured term loan credit facility (the “Prior Term Loan Facility”), under which $340.4 million of indebtedness was outstanding. In addition, the 2026 Credit Agreement will permit the Company to add one or more senior secured incremental term loan facilities to the Term Loan Facility subject to the satisfaction of certain conditions.
On the Closing Date, the Company used proceeds from the Term Loan Facility to refinance the full amount of indebtedness outstanding under the Prior Term Loan Facility, as well as to pay related fees and expenses. The Term Loan Facility borrowings bear interest at an interest rate of Term SOFR (the forward-looking secured overnight financing rate) plus a margin of 1.75%, reducing the Company’s cost of borrowing by 50 basis points as compared to the Prior Term Loan Facility. The Term Loan Facility continues to require the Company to make quarterly principal repayments in an aggregate annual amount equal to 1% of the initial aggregate principal amount of the Term Loan Facility. The Term Loan Facility maintains the same scheduled maturity date of May 30, 2030 as the Prior Term Loan Facility.
Revolving Credit Facility
In addition, the Credit Agreement provides for a new senior secured cash flow revolving credit facility with committed maximum borrowing capacity of up to $1.0 billion (the “Revolving Credit Facility”) that replaces (a) the Company’s existing $150.0 million U.S. asset-based revolving credit facility, which was scheduled to mature in May 2028 and (b) the Company’s existing $150.0 million Asia asset-based revolving credit facility, which was scheduled to mature in June 2028. Unless previously terminated in accordance with its terms, the Revolving Credit Facility is scheduled to mature in May 2031.
The Revolving Credit Facility includes a letter of credit subfacility with a sublimit of $200.0 million. Borrowings under the Revolving Credit Facility, which the Company may draw upon from time to time, bear interest at an interest rate of Term SOFR plus a margin ranging from 1.25% to 2.25%. The Company is also required to pay certain fees in connection with the Revolving Credit Facility, including unused commitment fees based on the average daily unused portion of the Revolving Credit Facility, ranging from 0.15% to 0.35% on an annual basis based on leverage. The proceeds of the loans may be used to finance working capital needs and for general corporate purposes.
The obligations under the 2026 Credit Agreement are unconditionally guaranteed by each of the Company’s direct and indirect, existing and future domestic subsidiaries, subject to certain exceptions (collectively, the “Guarantors”). In addition, subject to certain exclusions and limitations, the obligations of the Company and each Guarantor in respect of the 2026 Credit Agreement are secured by a perfected first priority security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors, including all of the capital stock held by the Company and the Guarantors (subject to a limitation of 65% on pledges of capital stock of certain foreign subsidiaries and domestic holding companies of foreign subsidiaries).
The 2026 Credit Agreement contains certain affirmative and restrictive covenants that the Company must comply with, including (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on investments, (d) limitations on the issuance of dividends and (e) limitations on fundamental changes, as well as other customary covenants for credit facilities of this type. The 2026 Credit Agreement contains customary maintenance financial covenants applicable solely to the Revolving Credit Facility. Specifically, the Company is required to maintain a minimum consolidated interest coverage ratio of at least 2.50:1.00 and a maximum consolidated leverage ratio of not greater than 4.50:1.00 as of the end of each fiscal quarter. The maximum consolidated leverage ratio is subject to a customary acquisition holiday that permits the level to increase to 5.00:1.00 for the fiscal
quarter in which a qualifying material acquisition is consummated and the following three fiscal quarters. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the 2026 Credit Agreement may be accelerated.
A copy of the 2026 Credit Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K (“Report”) and incorporated herein by reference thereto. The foregoing summary of the 2026 Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the 2026 Credit Agreement.
| Item 1.02. | Termination of a Material Definitive Agreement. |
In connection with the 2026 Credit Agreement, on June 1, 2026, the Company terminated (a) the Amended & Restated ABL Credit Agreement, dated as of May 30, 2023, by and among the Company, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, Bank of America, N.A. and Truist Securities, Inc. as Syndication Agents, and HSBC Securities (USA) Inc., as Documentation Agent, as amended by the First Amendment dated as of June 10, 2024 (the “U.S. ABL Credit Agreement”), and (b) the Amended & Restated Facility Agreement, dated as of June 14, 2023, by and among TTM Technologies China Limited and TTM Technologies Trading (Asia) Company Limited, as borrowers, TTM Technologies (Asia Pacific) Limited and other parties as guarantors, The Hong Kong and Shanghai Banking Corporation Limited and Barclays Bank PLC as original lenders, and The Hong Kong and Shanghai Banking Corporation Limited as arranger, facility agent, security trustee and issuing bank (the “Asia ABL Credit Agreement”), and repaid all obligations pursuant to the U.S. ABL Credit Agreement and the Asia ABL Credit Agreement.
Section 2 - Financial Information
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosures above under Item 1.01 of this Report are also responsive to this Item 2.03 and are hereby incorporated by reference into this Item 2.03.
Section 3 - Securities and Trading Markets
| Item 3.03 | Material Modifications to Rights of Security Holders. |
Pursuant to the terms of the 2026 Credit Agreement, the Company is subject to certain restrictions on its ability to declare or pay any dividend or make any other payments or distributions on account of any capital stock of the Company and its restricted subsidiaries. The disclosures above under Item 1.01 of this Report regarding such restrictions are also responsive to this Item 3.03 and are hereby incorporated by reference into this Item 3.03.
Section 7 - Regulation FD
Item 7.01 – Regulation FD Disclosure.
On June 3, 2026, the Company issued a press release announcing the 2026 Credit Agreement (the “Press Release”). A copy of the Press Release is furnished with this Report as Exhibit 99.1 and is incorporated herein by reference.
The information furnished in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Cautionary Note Regarding Forward-Looking Statements
This Report, including Exhibit 99.1, contains forward-looking statements that relate to future events. The Company cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect the Company’s current expectations, and the Company 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 Company statements will not be realized. The statements also involve risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from the forward-looking statements. For a
description of additional factors that may cause the Company’s actual events or results 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 the Company’s public reports filed with the Securities and Exchange Commission.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are filed with this Report:
| Exhibit |
Description | |
| 10.1 | Second Amended & Restated Credit Agreement, dated as of June 1, 2026, by and among TTM Technologies, Inc., as Borrower, the foreign subsidiary borrowers party thereto, any designated borrowers party thereto, the several Lenders from time to time parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. | |
| 99.1 | Press Release dated June 3, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| TTM TECHNOLOGIES, INC. | ||||||
| Date: June 3, 2026 | /s/ Daniel J. Weber | |||||
| By: | Daniel J. Weber | |||||
| Executive Vice President, Chief Legal Officer & Secretary | ||||||
Exhibit 99.1
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Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
TTM Technologies, Inc. Announces New $1.0 Billion Cash Flow Revolver and Upsized Term Loan B
Santa Ana, CA – June 3, 2026 – TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), 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 (“PCB”s) and substrates, announced today that it has completed the closing of a new $1.0 billion cash flow senior secured revolver and a repriced and upsized senior secured Term Loan B (“TLB”) in the aggregate principal amount of $400 million.
“Consistent with plans communicated during our May 27th Investor Day presentation, we are excited to announce that we have brought on new credit facilities to strengthen our financial position while providing flexibility to pursue strategic initiatives,” said Dan Boehle, Executive Vice President and Chief Financial Officer. “Together with our solid balance sheet and healthy operational performance, we have enhanced our long-term capital structure to support further sustainable growth and maximize shareholder value in 2026 and beyond.”
TLB Highlights
| • | Repriced and upsized TLB due May 2030 in the aggregate principal amount of $400 million. |
| • | The new TLB has been priced at Term SOFR+ 1.75%, a reduction of 50 basis points from our prior term loan B commitments. |
| • | Reduced pricing is anticipated to provide meaningful cash interest savings for the remaining term. |
Cash Flow Revolver Highlights
| • | The maximum availability under the multi-currency cash flow senior secured revolving credit facility is $1.0 billion, maturing in May 2031. |
| • | The new revolver replaced our prior $150 million U.S. and $150 million Asia asset-based-lending (ABL) facilities. |
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 PCBs 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. Additional information can be found at www.ttm.com.
Forward-Looking Statements
This release contains forward-looking statements that relate to future events or performance. 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. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers, and other factors 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 SEC.