Business Context and Reporting Period
Company: TTM Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 1, 2026
Event: Entry into a Second Amended & Restated Credit Agreement (the "2026 Credit Agreement") and termination of prior credit facilities.
Key Financial Metrics and Debt Structure
This filing details a refinancing and restructuring of the Company's debt facilities rather than reporting operational financial results (revenue, profit, or cash flow).
- Term Loan Facility: Repriced and upsized to $400.0 million, replacing the prior facility which had $340.4 million outstanding.
- Interest Rate (Term Loan): Term SOFR + 1.75% (a reduction of 50 basis points compared to the prior facility).
- Revolving Credit Facility: New senior secured cash flow facility with a maximum capacity of $1.0 billion.
- Interest Rate (Revolving): Term SOFR + 1.25% to 2.25%.
- Letter of Credit Sublimit: $200.0 million.
- Maturity Dates: Term Loan matures May 30, 2030; Revolving Facility matures May 2031.
- Financial Covenants (Revolving Only): Minimum interest coverage ratio of 2.50:1.00; Maximum leverage ratio of 4.50:1.00 (increasing to 5.00:1.00 during acquisition holidays).
Material Changes Versus Prior Period
- Debt Upsizing: The Term Loan Facility increased from $340.4 million outstanding to a new $400.0 million facility.
- Cost Reduction: Borrowing costs on the Term Loan decreased by 50 basis points.
- Facility Consolidation: The new $1.0 billion Revolving Credit Facility replaced two separate asset-based facilities: a $150.0 million U.S. facility and a $150.0 million Asia facility.
- Termination: The Company terminated the Amended & Restated ABL Credit Agreement (U.S.) and the Amended & Restated Facility Agreement (Asia) effective June 1, 2026.
Outlook, Risks, and Restrictions
Management Commentary & Use of Proceeds: Proceeds from the Term Loan were used to refinance the prior term loan and pay related fees. The Revolving Credit Facility proceeds may be used for working capital and general corporate purposes.
Restrictions on Security Holders: The agreement imposes limitations on the Company's ability to declare or pay dividends and make other distributions on capital stock.
Risks and Contingencies:
- Covenants: The Company must adhere to affirmative and restrictive covenants, including limitations on additional indebtedness, liens, investments, and fundamental changes.
- Default: Failure to cure an event of default may result in the acceleration of obligations.
- Forward-Looking Statements: The filing includes standard disclaimers that actual results may differ materially from predictions due to risks and uncertainties beyond the Company's control.
Investor Verification Checklist
- Verify the full text of the 2026 Credit Agreement (Exhibit 10.1) for specific covenant definitions and exceptions.
- Confirm the impact of the 50 basis point interest rate reduction on future interest expense projections.
- Monitor compliance with the new leverage ratio (4.50:1.00) and interest coverage ratio (2.50:1.00) requirements.
- Review the dividend restrictions to assess potential impacts on shareholder returns.
- Check the Press Release (Exhibit 99.1) for additional management commentary on the strategic rationale for the refinancing.