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S&P: BB to TTM Technologies notes
S&P said it assigned a BB issue-level rating to TTM Technologies Inc.'s proposed $375 million senior unsecured notes. The 4 recovery rating indicates an expectation for average (30% to 50%; rounded estimate 45%) recovery in the event of payment default.
Proceeds, along with the previously announced $350 million term loan, will be used to refinance the balance of the existing term loan and pay down a portion of its U.S. asset-backed revolving credit facility.
All other ratings on TTM are unchanged, as the agency views the transaction as leverage neutral.
“In our view, TTM has adequate liquidity. We anticipate coverage of uses in excess of 1.2x for the next 12 months and positive net sources in the near term, even with a 15% decline in EBITDA,” S&P said in a news release.
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