Moody’s assigns TTM notes Ba3

Moody’s Investors Service said it gave a Ba3 senior unsecured rating to TTM Technologies, Inc. planned offering of $500 million of new senior unsecured notes.

Existing ratings, including the Ba2 corporate family rating, Ba1 senior secured credit facility rating, SGL-1 speculative grade liquidity rating and the stable outlook are unchanged.

Last year, TTM used proceeds from the sale of its mobility division to prepay a term loan and used internal funds to repay its convertible notes that matured in December.

TTM will employ the proceeds to repay its $375 million of senior unsecured notes, to repay $40 million of balances under the revolving credit facility and general corporate purposes.

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