Business Context and Reporting Period
Company: TTM Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 22, 2011
Event Date: July 22, 2011 (Amendment effective July 25, 2011)
TTM Technologies, Inc. entered into an Amendment Letter with The Hongkong and Shanghai Banking Corporation Limited, acting as Facility Agent for lenders under its existing Credit Agreement. The Credit Agreement was originally dated November 16, 2009, and had been previously amended and restated on March 30, 2010, and August 4, 2010.
Key Financial Metrics
This filing does not report specific financial performance metrics such as revenue, profit, cash flow, margins, or total debt levels. The filing focuses exclusively on the amendment of financial covenants related to the consolidated current assets and consolidated current liabilities of the company's Asian subsidiaries.
Material Changes
- Covenant Amendment: The Amendment Letter modifies specific financial covenants within the Credit Agreement.
- Scope: The changes specifically target the consolidated current assets and consolidated current liabilities of TTM Technologies' Asian subsidiaries.
- Effective Date: The amendments became effective on July 25, 2011.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the context of the credit agreement amendment. The document states that the description of the amendments is not complete and is qualified in its entirety by reference to the full Amendment Letter filed as Exhibit 10.24.
Investor Verification Checklist
- Review Exhibit 10.24 (Amendment Letter) to understand the specific numerical thresholds or ratios changed for Asian subsidiary covenants.
- Verify the current status of the company's consolidated current assets and liabilities for Asian subsidiaries to ensure compliance with the new terms.
- Confirm whether this amendment was triggered by a potential covenant breach or was a proactive adjustment to operational flexibility.