TTM Technologies’ $500 Million Senior Notes Offering and $375 Million Cash Tender Offer

Simpson Thacher advised on the deal.

TTM Technologies, Inc. (“TTM”) executed its offering of $500 million aggregate principal amount of 4% Senior Notes due 2029.

In addition, J.P. Morgan Securities LLC acted as dealer manager for TTM’s concurrent cash tender offer to purchase any and all of its outstanding $375 million aggregate principal amount of 5.625% Senior Notes due 2025.

TTM used a portion of the net proceeds from the offering to fund the early settlement of the tender offer and intends to use the remaining net proceeds to (i) fund in full the redemption of any 5.625% Senior Notes due 2025 that remain outstanding following the early settlement of the tender offer, (ii) repay the full amount outstanding under its U.S. asset-based revolving credit facility (but not terminate the commitments thereunder), and (iii) pay related premiums, fees and expenses. TTM intends to use any unused portion of such remaining net proceeds for general corporate purposes.

TTM is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.

Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, for the offering. Simpson Thacher also represented J.P. Morgan Securities LLC as dealer manager, with a team including Art Robinson (Picture), David Azarkh, Ben Massey and Taylor Wettach (Capital Markets); Jonathan Cantor and Zachary Fialkow (Tax); Larry Moss and Garrick Ehlers (Executive Compensation and Employee Benefits); Genevieve Dorment, Corina McIntyre and Bobbie Burrows (Intellectual Property); Michael Isby and Timothy Mulvihill (Environmental); and Jennie Getsin (Blue Sky).

Involved fees earner: David Azarkh – Simpson Thacher & Bartlett; Bobbie Burrows – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Garrick Ehlers – Simpson Thacher & Bartlett; Zachary Fialkow – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Ben Massey – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Taylor Wettach – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: J.P. Morgan Securities LLC;

Author: Martina Bellini