TTM Technologies, Inc.
TTMI, a major global printed circuit board manufacturer, today
announced that it and certain of its foreign subsidiaries in Hong Kong have
entered into a new credit facility dated September 14, 2012, with a syndicate
of eight banks led by The Hongkong and Shanghai Banking Corp. Ltd. The new
credit facility totals $540 million and consists of three tranches as follows:
o a $370 million four-year term loan facility with interest payable at a
rate of LIBOR plus 2.38 percent per year;
o a $90 million three and one half-year revolving credit facility with
interest payable at a rate of LIBOR plus 2.38 percent per year;
o an $80 million or equivalent in other currencies four-year letters of
credit facility granting up to 540 days for the purpose of equipment
purchases and up to 150 days for other general purposes.
TTM Technologies plans to use the proceeds from this credit facility to repay
in full the outstanding loans under its existing $582.5 million multi-tranche
credit facility and for the purpose of working capital for its Asia Pacific
operations. The Company expects to draw the full $370 million term loan before
the end of its current fiscal quarter.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in