Orange County Business Journal

TTM in $150M Debt Offering

Chris Casacchia Tuesday, December 17, 2013

Costa Mesa-based printed circuit board maker TTM Technologies Inc. on Monday announced plans to raise $150 million by selling convertible senior notes in a public offering.

Underwriters J.P. Morgan Securities LLC and RBS Securities have an option to purchase an additional $22.5 million in notes to cover over-allotments.

The proceeds from the notes, set to mature in December 2020, will fund convertible note hedge transactions, which are expected reduce potential dilution of TTM common stock, the company said.

TTM also plans to use a portion of the proceeds to repurchase a portion of its existing 3.25% convertible senior notes due in 2015 from holders, as well as general corporate purposes, which may include paying down debt, potential acquisitions and working capital.

The company makes circuit boards for the communications, industrial, medical and consumer electronics sectors.

The latest development comes as outgoing Chief Executive Kenton Alder is set to retire at year’s end. President Thomas Edman, who joined the company early this year, is set to take the chief executive’s post.

TTM shares were down about 1% in afternoon trading Tuesday to a market value of $629.78 million.