Business Context and Reporting Period
Company: TTM Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 15, 2017
Event: Regulation FD Disclosure regarding the pricing of new senior notes.
Key Financial Metrics
This filing does not report operational financial metrics such as revenue, profit, cash flow, or margins. It focuses exclusively on capital structure changes.
- New Debt Issuance: $375 million aggregate principal amount of 5.625% senior notes due 2025.
- Offering Type: Private offering exempt from registration under the Securities Act of 1933.
- Related Financing: Expected borrowings from a previously announced $350 million senior secured term loan.
Material Changes and Capital Allocation
The Company intends to use the net proceeds from the new Notes, combined with the New Term Loan, for the following purposes:
- Refinance indebtedness outstanding under the existing term loan facility.
- Repay a portion of amounts outstanding under the U.S. senior secured revolving credit facility.
- Pay related fees and expenses associated with the transactions.
Guidance, Outlook, and Risks
Forward-Looking Statements: The filing contains predictions regarding the consummation of the Notes offering and the New Term Loan. Management cautions that actual events may differ materially due to risks and uncertainties beyond the Company's control, including potential changes in market conditions.
Investor Verification: Investors are directed to review the "Risk Factors" and "Management's Discussion and Analysis" sections of the Company's public reports for a detailed description of factors that could cause actual results to differ from expectations.
Important Facts for Investors to Verify
- Confirmation of the final closing of the $375 million 5.625% senior notes due 2025.
- Execution of the $350 million senior secured term loan.
- Successful refinancing of the existing term loan facility and reduction of the revolving credit facility.
- Impact of the new debt structure on the Company's overall leverage and interest expense.