Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Regulation S offering by TTM Technologies, Inc. (“TTM”) of $375 million aggregate principal amount of 5.625% Senior Notes due 2025. Simpson Thacher also represented Barclays Bank PLC, as term loan syndication agent, and JPMorgan Chase Bank, N.A., as administrative agent, in connection with a refinancing of TTM’s existing senior secured term loan to provide a new term loan in the amount of $350 million. Both transactions closed on September 28, 2017.
TTM intends to use the net proceeds of the notes offering, together with borrowings under the new term loan, to (i) repay the full amounts outstanding under its existing term loan, (ii) repay approximately $63 million under its U.S. ABL facility and (iii) pay related fees and expenses.
TTM is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.
The Simpson Thacher team included Art Robinson, David Azarkh, Daniel Areshenko and Matt Craine (Capital Markets); Jessica Tuchinsky, Alvin Kwong and Samuel Egendorf (Credit); Jacqueline Clinton (Tax); Larry Moss and Alisa Tschorke (Executive Compensation and Employee Benefits); Cecillia Xie (Intellectual Property); Michael Isby and Timothy Mulvihill (Environmental); and Jennie Getsin (Blue Sky).