TTM Technologies’ $350 million eight-year secured notes whispered with yield in 11% area

By Paul A. Harris

Portland, Ore., Feb. 18 – It’s been quiet for weeks on TTM Technologies, Inc.’s $350 million offering of eight-year senior secured second-lien notes (expected ratings Caa1/B-). However, the Rule 144A and Regulation S deal, which was marketed in mid-January, is not gone, according to a buyside source.

Recent conversations have taken place that envision the deal pricing with a yield in the 11% area, the source added.

As reported, J.P. Morgan Securities LLC and Barclays are the joint bookrunners.

Upon release from escrow, proceeds will be used to fund the acquisition of Viasystems Group, Inc. and to repay debt.

TTM is a Costa Mesa, Calif.-based printed circuit board manufacturer.

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