Business Context and Reporting Period
Company: TTM Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 4, 2010
Event Date: August 4, 2010 (Execution of amendment)
Context: The company entered into a material definitive agreement involving an amendment to its existing credit facility.
Key Financial Metrics
This filing does not report specific revenue, profit, cash flow, or margin figures. The document focuses exclusively on the modification of financial covenants within the company's credit agreement. The filing references the following covenant metrics which were amended:
- Consolidated tangible net worth
- Gearing ratio (ratio of consolidated net borrowings to consolidated tangible net worth)
- Leverage
Debt and Liquidity: The filing confirms the existence of a credit agreement dated November 16, 2009, as amended and restated on March 30, 2010, with Hongkong and Shanghai Banking Corporation Limited acting as Facility Agent. Specific debt balances or liquidity positions are not disclosed in this text.
Material Changes Versus Prior Period
The material change reported is the execution of a waiver and amendment letter on August 4, 2010. This action modifies the financial covenants applicable to the company under its credit agreement. No comparative financial performance data (e.g., year-over-year revenue changes) is provided in this filing.
Guidance, Outlook, and Risks
Management Commentary: The filing states that lenders agreed to amend financial covenants related to tangible net worth, gearing ratio, and leverage. The specific terms of the amendment are detailed in Exhibit 10.22 (Waiver and Amendment Letter dated August 3, 2010), which is incorporated by reference but not included in the provided text.
Risks and Contingencies: The filing does not explicitly list new risks or contingencies beyond the implication that the company required a waiver or amendment to its existing credit terms. No forward-looking guidance or outlook is provided in this document.
Important Facts for Investor Verification
- Verify the specific new thresholds for the consolidated tangible net worth, gearing ratio, and leverage covenants in the attached Exhibit 10.22.
- Confirm the total outstanding debt and current liquidity position to assess the impact of the covenant amendments.
- Review the reasons necessitating the waiver and amendment to understand the company's current financial health relative to its credit obligations.
- Check for any subsequent filings that may disclose the financial results triggering the need for this amendment.