8-K: Current report filing
Published on August 1, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry Into a Material Definitive Agreement.
On August 1, 2024, TTM Technologies, Inc. (the “Company”) entered into a First Amendment (the “Amendment”) to that certain Amended & Restated Term Loan Credit Agreement, dated as of May 30, 2023 (the “Term Loan Credit Agreement”), by and among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the several lenders from time to time parties thereto. The Amendment provides for a new $346.5 million senior secured term loan credit facility (the “New Term Loan Facility”) that (1) amends and restates the Company’s existing senior secured term loan credit facility (the “2023 Term Loan Facility”), (2) refinances the full amount of outstanding indebtedness under the 2023 Term Loan Facility, (3) bears interest at a floating rate of 1-month Chicago Mercantile Exchange (CME) Term Secured Overnight Financing Rate (SOFR) plus an applicable margin of 2.25%, 50 basis points lower than the 2023 Term Loan Facility, and (4) makes certain other changes to the Term Loan Credit Agreement as set forth therein. The New Term Loan Facility maintains the same scheduled maturity date of May 30, 2030 as the 2023 Term Loan Facility. We estimate we will incur fees and expenses of approximately $1.0 million related to the Amendment.
The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which will be included as an exhibit to the Company’s next Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure required by this Item is included in Item 1.01 and is incorporated herein by reference.
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: August 1, 2024 | /s/ Daniel J. Weber |
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| By: | Daniel J. Weber | |||||
| Executive Vice President, Chief Legal Officer & Secretary | ||||||