The refinancing is credit-positive – lower interest costs, larger undrawn revolver, and extended maturities reduce near-term refinancing risk. Monitor next quarter's leverage ratios to ensure headroom under new covenants. The company now has significant capacity for M&A or organic investments.
Price Chart
Executive Summary
TTM Technologies entered into a new $1.0B senior secured cash flow revolver (maturing May 2031) and a repriced/upsized $400M Term Loan B (maturing May 2030, SOFR+1.75%, 50bps cheaper than prior facility). The new facilities replace $150M US ABL and $150M Asia ABL facilities and provide enhanced liquidity, lower borrowing costs, and extended maturities.
Key Financial Metrics
Key Facts
- New Term Loan B: $400M aggregate principal, Term SOFR+1.75%, matures May 30, 2030.
- New Revolving Credit Facility: $1.0B commitment, multi-currency, matures May 30, 2031, includes $200M letter of credit subfacility.
- Pricing on TLB reduced by 50 basis points versus prior facility.
- Revolver replaces $150M US ABL and $150M Asia ABL facilities, both terminated.
- Financial covenants apply only to revolver: max leverage 4.50x (5.00x acquisition holiday), min interest coverage 2.50x.
- Quarterly TLB amortization continues at 1% of initial principal per year.
Financial Impact
Approximately $2M annual cash interest savings on $400M TLB from 50bps rate reduction; liquidity increased by $700M net (from $300M ABL to $1.0B revolver).
Risk Factors
- Leverage covenant may constrain additional debt-financed acquisitions.
- Variable-rate exposure on TLB (SOFR-based) could increase if rates rise.
- Dividend restrictions under the credit agreement limit shareholder returns.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-255711 |
| Document: d220132d8k.htm | 0001193125-26-255711 |
| Document: d220132dex991.htm | 0001193125-26-255711 |
| Document: 0001193125-26-255711-index-headers.html | 0001193125-26-255711 |
| Document: 0001193125-26-255711-index.html | 0001193125-26-255711 |
| Document: 0001193125-26-255711.txt | 0001193125-26-255711 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $126.44 $117.97 | ▼ −6.70% | ▼ −6.48% | $131.87 (+4.29%) |
Aug 26, 2026 5w ago | Insider Cluster | $121.70 $115.60 | ▼ −5.01% | ▼ −4.89% | $131.87 (+8.36%) |
Aug 17, 2026 6w ago | Press Release | $140.98 $107.12 | ▼ −24.02% | ▼ −22.83% | $131.87 (−6.46%) |
Jun 29, 2026 13w ago | Insider Cluster | $186.80 $149.39 | ▼ −20.03% | ▼ −21.41% | $131.87 (−29.41%) |
Jun 17, 2026 15w ago | Press Release | $216.44 $210.57 | ▼ −2.71% | ▼ −1.05% | $131.87 (−39.07%) |
Jun 3, 2026 17w ago | Press Release | $184.84 $187.21 | ▲ +1.28% | ▲ +3.84% | $131.87 (−28.66%) |
Jun 3, 2026 17w ago | 8-K | $184.84 $187.21 | ▲ +1.28% | ▲ +3.84% | $131.87 (−28.66%) |
May 27, 2026 18w ago | 8-K | $190.67 $189.60 | ▼ −0.56% | ▼ −1.03% | $131.87 (−30.84%) |
May 18, 2026 19w ago | 8-K | $161.41 $190.67 | ▲ +18.13% | ▲ +15.83% | $131.87 (−18.30%) |
May 8, 2026 21w ago | 8-K | $162.99 $158.86 | ▼ −2.53% | ▼ −2.45% | $131.87 (−19.09%) |
US Market Status
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