Moody’s rates TTM loans Ba2, B2, Caa1

Moody's Investors Service said it affirmed the B2 corporate family rating on TTM Technologies, Inc. and assigned ratings of Ba2, B2, and Caa1, respectively, to the company's newly proposed ABL revolver, first- and second-lien bank loans.

Concurrently, the agency withdrew its existing ratings on TTM's originally proposed debt structure following a change in the financing terms of the roughly $900 million acquisition of Viasystems. At the completion of the acquisition, Moody's will withdraw all existing Viasystems ratings.

The outlook is stable.

The proposed financing now includes $79 million in borrowings under a $150 million U.S. senior secured ABL revolver, a $775 million senior secured term loan, and a $175 million second-lien term loan. The first-lien secured term loan will comprise a significant proportion of debt in the capital structure, and in turn is rated in line with the B2 corporate family rating.

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