TTM Technologies starts roadshow for $350 million eight-year notes

By Paul A. Harris

Portland, Ore., Jan. 20 – TTM Technologies, Inc. began a roadshow on Tuesday for a $350 million offering of eight-year senior secured second-lien notes (expected ratings Caa1/B-), according to a market source.

The Rule 144A and Regulation S deal is set to price on Jan. 27.

J.P. Morgan Securities LLC and Barclays are the joint bookrunners. RBS Securities Inc. and HSBC Securities are the co-managers.

The notes come with three years of call protection. However a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Upon release from escrow, proceeds, along with a new bank loan, will be used to fund the acquisition of Viasystems Group, Inc. and to repay debt.

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

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