EX-99.1
Published on May 15, 2008
Exhibit
99.1
TTM Technologies, Inc. to Offer $125 Million of Convertible Senior Notes
SANTA ANA, California May 8, 2008 TTM Technologies, Inc. (Nasdaq: TTMI) today announced its
intention to offer, subject to market and other conditions, $125 million aggregate principal amount
of Convertible Senior Notes due 2015 in an underwritten public offering. The offering will be made
pursuant to TTMs effective shelf registration statement previously filed with the Securities and
Exchange Commission (SEC). In certain circumstances, the notes will be convertible into cash up to
their principal amount and into shares of TTMs common stock with respect to any conversion value
above their principal amount. TTM expects to grant the underwriters an option to purchase up to an
additional $18.75 million of notes to cover over-allotments, if any. The interest rate, conversion
rate, and other terms of the notes will be determined by negotiations between TTM and the
underwriters of the notes.
In connection with the offering, TTM expects to enter into convertible note hedge transactions,
which are intended to reduce the potential dilution to TTMs common stockholders upon any
conversion of the notes. TTM also expects to enter into warrant transactions concurrently with the
offering, which would result in additional proceeds to TTM. TTM has been advised that, in
connection with establishing the convertible note hedge and warrant transactions, the
counterparties to those transactions or their affiliates expect to enter into various derivative
transactions with respect to TTMs common stock concurrently with or shortly after the pricing of
the notes. These derivative transactions could result in an increase, or prevent a decline, in the
price of TTMs common stock concurrently with or following the pricing of the notes.
TTM expects to use a portion of the net proceeds of the offering to pay the cost of the convertible
note hedge transactions. This cost will be partially offset by proceeds that TTM expects to
receive from the sale of the warrants. If the underwriters exercise their option to purchase
additional notes, TTM may use a portion of the net proceeds from the sale of additional notes to
enter into additional convertible note hedge transactions. TTM may also enter into additional
warrant transactions, which would result in additional proceeds to TTM. TTM expects to use the
proceeds from the offering remaining after the net cost of the convertible note hedge transactions
and the warrant transactions to repay in full its term loan under its senior credit facility, and
to use the remaining net proceeds for general corporate purposes, including potential acquisitions.
This press release is neither an offer to sell nor a solicitation of an offer to buy the notes, nor
shall there be any sale of the notes, in any state or jurisdiction in which such an offer,
solicitation, or sale would be unlawful prior to the registration or qualification thereof under
the securities laws of any such state or jurisdiction. Any offers of the notes will be made only
by means of a prospectus supplement and related prospectus, copies of which may be obtained by
contacting JPMorgan, National Statements Processing, 4 Chase Metrotech Center, Floor L2, Brooklyn,
New York 11245 or by calling (718) 242-8002.
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TTM Technologies, Inc. is a leading supplier of time-critical and technologically advanced printed
circuit boards to original equipment manufacturers and electronics manufacturing services
companies. TTM stands for time-to-market, representing how the companys time-critical, one-stop
manufacturing services enable customers to shorten the time required to develop new products and
bring them to market.
This press release contains forward-looking statements. Forward-looking statements are based on
managements current preliminary expectations and are subject to risks, uncertainties, and
assumptions, including the risk that TTM may be unable to complete the offering of the notes.
Other information on potential risk factors that could affect TTM, its business, and its financial
results are detailed in the companys periodic filings with the SEC, including, but not limited to,
those risks and uncertainties listed in the section entitled Managements Discussion and Analysis
of Financial Condition and Results of Operations, which can be found in TTMs quarterly report on
Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 7, 2008. You are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of
the date of this press release. TTM undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after the
date hereof.