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TTM Technologies gives early results on offer for 5 5/8% notes due 2025
By Taylor Fox
New York, March 9 – TTM Technologies, Inc. gave the early tender results of its cash tender offer and consent solicitation for any and all $375 million outstanding 5 5/8% senior notes due Oct. 1, 2025 (Cusips: 87305RAH2, U8729LAB9, 87305RAJ8), according to a news release.
As of the 5 p.m. ET March 8 early tender time, $247,186,000, or 65.92% of the notes, were tendered.
The company is also soliciting consents for proposed amendments to the related indenture. The company want to shorten the minimum notice for optional redemption of the notes to three days from 30 days.
For the proposed amendments to be adopted, consents had to be received for at least a majority of the aggregate principal amount of the notes.
The company did receive enough consents by the early deadline. The proposed amendment will become operative on the early settlement date. As a result, the company will issue a notice of redemption to redeem all of the notes. The company plans to redeem all of the notes on March 15.
As previously reported, the company is offering to pay a tender offer consideration of $979.30 per $1,000 principal amount of notes, which when combined with a $50 early tender payment equals a total consideration of $1,029.30 per $1,000 principal amount of notes.
Holders who validly tendered their notes and delivered their consents on or prior to the early tender time are eligible for the early tender payment.
Early settlement is schedule for March 10.
The tender offer will expire at midnight. ET on March 22. Noteholders who tender after the early date will only receive $979.30 per $1,000 note.
J.P. Morgan Securities LLC (866 834-2045) is the dealer manager and solicitation agent for the offer.
D.F. King & Co. is the information agent (866 406-2283, 212 269-5550, ttm@dfking.com)
Costa Mesa, Calif.-based TTM is a maker of printed circuit board, or PCB.
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