TTMI TTM TECHNOLOGIES INC
Price Chart
Executive Summary
TTM Technologies entered into a new $1.0B senior secured cash flow revolver (maturing May 2031) and a repriced/upsized $400M Term Loan B (maturing May 2030, SOFR+1.75%, 50bps cheaper than prior facility). The new facilities replace $150M US ABL and $150M Asia ABL facilities and provide enhanced liquidity, lower borrowing costs, and extended maturities.
Actionable Insight
The refinancing is credit-positive – lower interest costs, larger undrawn revolver, and extended maturities reduce near-term refinancing risk. Monitor next quarter's leverage ratios to ensure headroom under new covenants. The company now has significant capacity for M&A or organic investments.
Key Facts
- New Term Loan B: $400M aggregate principal, Term SOFR+1.75%, matures May 30, 2030.
- New Revolving Credit Facility: $1.0B commitment, multi-currency, matures May 30, 2031, includes $200M letter of credit subfacility.
- Pricing on TLB reduced by 50 basis points versus prior facility.
- Revolver replaces $150M US ABL and $150M Asia ABL facilities, both terminated.
- Financial covenants apply only to revolver: max leverage 4.50x (5.00x acquisition holiday), min interest coverage 2.50x.
- Quarterly TLB amortization continues at 1% of initial principal per year.
Financial Impact
Approximately $2M annual cash interest savings on $400M TLB from 50bps rate reduction; liquidity increased by $700M net (from $300M ABL to $1.0B revolver).
Risk Factors
- Leverage covenant may constrain additional debt-financed acquisitions.
- Variable-rate exposure on TLB (SOFR-based) could increase if rates rise.
- Dividend restrictions under the credit agreement limit shareholder returns.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-255711 |
| Document: d220132d8k.htm | 0001193125-26-255711 |
| Document: d220132dex991.htm | 0001193125-26-255711 |
| Document: 0001193125-26-255711-index-headers.html | 0001193125-26-255711 |
| Document: 0001193125-26-255711-index.html | 0001193125-26-255711 |
| Document: 0001193125-26-255711.txt | 0001193125-26-255711 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 3, 2026
2d ago
|
Press Release
| $184.84 $167.62 | ▼ −9.32% | ▼ −6.74% | $167.62 (−9.32%) |
|
Jun 3, 2026
2d ago
|
8-K
| $184.84 $167.62 | ▼ −9.32% | ▼ −6.74% | $167.62 (−9.32%) |
|
May 27, 2026
9d ago
|
8-K
| — | awaiting T+1 | — | — |
|
May 18, 2026
18d ago
|
8-K
| — | awaiting T+1 | — | — |
|
May 8, 2026
28d ago
|
8-K
| $162.99 $162.99 | · 0.00% | ▲ +0.14% | $167.62 (+2.84%) |
|
May 1, 2026
5w ago
|
144
| $158.99 $157.47 | ▼ −0.96% | ▼ −0.61% | $167.62 (+5.43%) |
|
Apr 15, 2026
7w ago
|
Press Release
| $116.93 $126.24 | ▲ +7.96% | ▲ +6.75% | $167.62 (+43.35%) |
|
Apr 1, 2026
9w ago
|
144
| $97.08 $97.48 | ▲ +0.41% | ▲ +0.33% | $167.62 (+72.66%) |
|
Mar 19, 2026
11w ago
|
DEFA14A
| $91.54 $101.42 | ▲ +10.79% | ▲ +9.69% | $167.62 (+83.11%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access