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TTM Technologies to launch up to $265 million credit facility in September
By Sara Rosenberg
New York, Aug. 3 - TTM Technologies Inc. plans to hold a bank meeting in September, according to a market source, to launch an up to $265 million credit facility.
UBS is the lead bank on the deal.
As committed, the facility consists of a $225 million term loan B and a $40 million revolver, company officials said in a conference call Thursday.
Proceeds from the credit facility, along with cash on hand, will be used to fund the acquisition of the Tyco Printed Circuit Group business unit from Tyco International Ltd. for $226 million.
"We have $101 million of cash on the balance sheet and we're probably going to generate more cash in the third quarter. How much we choose to take down in terms of debt is still to be determined," company officials said in the call.
"We're going to do some assessment in the next month or so on our cash needs for the last half of the year and our expected working capital needs for that business, but too soon to talk about leverage ratio and debt to capital ratios," officials added in the call.
The acquisition is expected to close in the fall subject to contractual closing conditions, regulatory approvals and expiration of the requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
TTM Technologies is a Santa Ana, Calif., supplier of time-critical and technologically advanced printed circuit boards to original equipment manufacturers and electronics manufacturing services companies. Tyco Printed Circuit Group is manufacturer of high-technology printed circuit boards for the military, aerospace and commercial markets.
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