JPMorgan Chase increased TTM Technologies’ asset-based credit agreement from $150 million to $200 million. JPMorgan Chase also repriced TTM’s term loans.
TTM Technologies entered into a first amendment to amend and restate the company’s asset-based loan agreement dated May 31, 2015. According to a related 8-K filing, JPMorgan Chase acted as administrative agent.
The agreement was amended to increase the amount available under the agreement by $50 million, to reduce the applicable margins by 0.25% for both Eurodollar loans and ABR loans and to permit TTM Technologies to sell up to $30 million of accounts receivable. The company’s borrowing under its U.S. asset-based loan remains at $80 million.
TTM Technologies also successfully priced $775 million of new U.S. dollar-denominated term B loans at an interest rate of LIBOR+4.25%, which priced 75 basis points lower than its previous term B loans issued in May 2015. JPMorgan Chase acted as administrative agent.
TTM Technologies settled $841 million of the previously outstanding U.S. dollar-denominated term B loans, thereby paying down approximately $66 million of its outstanding term B loans. The new financing is expected to generate annual interest savings of approximately $19.5 million.
TTM Technologies is a global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions.