TTM Technologies Inc. Completes $500M 6.75% Senior Notes Offering

What Happened
On September 24, 2026, TTM Technologies, Inc. announced it completed a private placement of $500 million aggregate principal amount of 6.750% senior notes due October 1, 2034 (the “Notes”), issued at par. Interest accrues at 6.750% per year and is payable semi‑annually in cash on April 1 and October 1, beginning April 1, 2027. The Notes were issued under an indenture with U.S. Bank Trust Company, N.A. as trustee and are irrevocably and unconditionally guaranteed on a senior unsecured basis by the Company’s subsidiaries that guarantee its senior secured credit facilities.

Key Details

• Amount and terms: $500 million principal; 6.750% coupon; maturity October 1, 2034; interest due April 1 and October 1 (first payment April 1, 2027).
• Use of proceeds: Net proceeds, together with expected borrowings from a $300M incremental Term Loan A and an $800M incremental Term Loan B, are intended to fund the previously announced proposed acquisition of EDS Intermediate Holding, LLC, for general corporate purposes and to pay related fees and expenses (may include reducing borrowings under the Revolving Credit Facility for the Swiss Technology Group AG acquisition).
• Ranking and guarantees: Notes and guarantees are senior unsecured obligations that rank equally with TTM’s other senior unsecured debt (including its 4.000% notes due 2029), but are effectively subordinated to any secured debt (e.g., the Term Loan Facility, Revolving Credit Facility and the Incremental Facilities) and structurally subordinated to liabilities of non‑guarantor subsidiaries.
• Redemption and triggers: Notes may be redeemed under customary make‑whole and par redemption provisions; up to 40% may be redeemed with certain equity proceeds prior to Oct 1, 2029. A special mandatory redemption is required if the Acquisition is not consummated by the Outside Date (Nov 15, 2026, with possible extension to May 15, 2027) or if the Company notifies the trustee the Acquisition will not occur — such redemption would be at 100% of principal plus accrued interest.

Why It Matters
This transaction increases TTM’s unsecured long‑term debt by $500M and adds a fixed interest obligation at 6.75%, affecting interest expense and the company’s debt maturity profile through 2034. The Notes are unsecured and will be subordinate to any secured borrowings, so holders of secured credit will have priority in a downside scenario. Important operational effects for shareholders include restrictions in the indenture on dividends, stock repurchases and certain transactions (subject to exceptions and suspension if ratings improve). Investors should note the special redemption provision tied to the proposed acquisition — if that deal does not close by the Outside Date, TTM must use cash to redeem the Notes.