EX-99.1
Published on September 19, 2012
Exhibit 99.1
| TTM Technologies, Inc. |
Contact: Steve Richards, CFO 714-327-3000 |
TTM Technologies, Inc. Announces New Credit Facility
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:
| | a $370 million four-year term loan facility with interest payable at a rate of LIBOR plus 2.38 percent per year; |
| | a $90 million three and one half-year revolving credit facility with interest payable at a rate of LIBOR plus 2.38 percent per year; |
| | an $80 million or equivalent in other currencies four-year letters of credit facility granting up to 540 days for the purpose of equipment purchases and up to 150 days for other general purposes. |
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 Technologies
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 companys 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.