TTM plans $300 million unsecured debt to help fund Anaren acquisition

By Paul A. Harris

Portland, Ore., Feb. 8 – TTM Technologies, Inc. plans to use proceeds from the placement of $300 million of unsecured debt to help fund its acquisition of Anaren Inc., according to a market source.

The financing also includes a $300 million add-on term loan B set to launch Friday via arrangers Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and SunTrust Robinson Humphrey Inc.

Proceeds will be used to help fund the acquisition of Anaren for about $775 million in cash from affiliates of Veritas Capital.

Other funds for the transaction will come from cash on hand.

In the 12 months ended Sept. 30, the combined company would have generated pro forma revenues of $2.8 billion and pro-forma adjusted EBITDA of $450 million.

Closing is expected in the first half of this year, subject to customary conditions, including regulatory approvals.

TTM is a Costa Mesa, Calif.-based printed circuit board manufacturer. Anaren is a Syracuse, N.Y.-based designer and manufacturer of high-frequency RF and microwave microelectronics, components and assemblies for the space, defense and telecommunications sectors.

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