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TTM Technologies shifts funds between first- and second-lien term loans
By Sara Rosenberg
New York, May 4 – TTM Technologies Inc. upsized its six-year first-lien term loan to $850 million from $775 million and downsized its seven-year second-lien term loan to $100 million from $175 million, according to a market source.
Also, the original issue discount on the first-lien term loan was tightened to 96½ from the 95 area and the 101 soft call protection was extended to one year from six months, the source said.
Furthermore, amortization on the first-lien term loan was changed to 1% in year one, 4% in year two and 5% thereafter, from 1% per annum.
Pricing on the first-lien term loan remained at Libor plus 500 basis points with a 1% Libor floor.
Recommitments were due at 3 p.m. ET on Monday, the source added.
J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.
Proceeds will be used to help fund the acquisition of Viasystems Group Inc. and refinance existing debt at both companies.
In January, the company launched a $765 million term loan B to investors for the Viasystems acquisition with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months. Also, a $350 million senior secured second-lien notes offering was being shopped. However, the financing was pulled due to unfavorable conditions.
Closing on the acquisition is expected this quarter, subject to regulatory approvals.
TTM Technologies is a Costa Mesa, Calif.-based printed circuit board manufacturer. Viasystems is a St. Louis-based provider of complex multi-layer printed circuit boards and electro-mechanical solutions.
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