TTM Technologies amends asset-backed loan agreements

Chicago, June 6 – TTM Technologies Inc. announced that it has amended its asset-backed loan agreements for both its United States and Asia-based asset-backed loans, according to a company notice.

The maximum availability under each loan is $150 million.

The maturity date has been extended to 2024 from 2020 for both agreements.

Additionally, the borrowing rate on the United States asset-backed loan was reduced to Libor plus a margin of 125 basis points to 150 bps from Libor plus 125 bps to 175 bps.

The borrowing rate on the Asia-based loan was unchanged at Libor plus 140 basis points.

A $50 million incremental facility was added to the Asia-based loan agreement.

Finally, the U.S. credit agreement was amended to

• Reduce the aggregate revolving commitment to $150 million from $200 million but increase the maximum uncommitted incremental facility amount to $100 million from zero;

• Reduce the threshold of availability to 50% from 66% in order to trigger the lowest applicable margin of 125 bps;

• Reduce the threshold of availability to 25% from 33% in order to trigger the highest applicable margin of 150 bps.

TTM is a Costa Mesa, Calif.-based printed circuit board manufacturer.

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