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TTM Technologies, Inc. Announces New Credit Facility
for immediate release
COSTA MESA, CA – September 19, 2012 - TTM Technologies, Inc. (Nasdaq: TTMI), a major global printed circuit board manufacturer, today announced that it and certain of its foreign subsidiaries in Hong Kong have entered into a new credit facility dated September 14, 2012, with a syndicate of eight banks led by The Hongkong and Shanghai Banking Corp. Ltd. The new credit facility totals $540 million and consists of three tranches as follows:
TTM Technologies plans to use the proceeds from this credit facility to repay in full the outstanding loans under its existing $582.5 million multi-tranche credit facility and for the purpose of working capital for its Asia Pacific operations. The Company expects to draw the full $370 million term loan before the end of its current fiscal quarter.
"We are pleased to put in place a new credit facility to support our ongoing operations and increase our financial flexibility," said Kent Alder, President and CEO of TTM. "The new facility resolves the near-term maturities under our existing facility and has no scheduled repayments for the first 18 months. We continue to maintain a strong capital structure and prudently manage our balance sheet as we position the company for long-term growth."
For more information on the credit agreement, please review the documents the Company filed today with the SEC.About TTM
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs and the backplane and sub-system assembly business. TTM stands for time-to-market, representing how the company's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttmtech.com.