By Paul A. Harris
Portland, Ore., Feb. 24 – TTM Technologies, Inc. priced a $500 million issue of eight-year senior notes (Ba3/BB-/BB) at par to yield 4% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 4% area. Initial talk was in the low 4% area.
The deal was heard to be playing to a book sized at $2.6 billion, a bond trader said.
J.P. Morgan Securities LLC was the lead.
The Santa Ana, Calif.-based printed circuit board manufacturer plans to use the proceeds to fund the tender offer for its outstanding $375 million of 5 5/8% senior notes due 2025, to redeem the notes not taken out by means of the tender and to pay off its U.S. ABL facilities.
| Issuer: | TTM Technologies Inc.
|
| Amount: | $500 million
|
| Maturity: | March 2, 2029
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 284 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 24
|
| Settlement date: | March 10
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4% area
|
| Marketing: | Roadshow
|
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