TTM Technologies Prices $500 Million in Senior Notes to Fund Acquisitions

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Summary · why it matters

TTM Technologies priced $500 million in senior notes due 2034 at a 6.750% coupon on September 10, part of a broader debt stack the company is assembling to fund two simultaneous acquisitions. The private sale, expected to close September 24, comes alongside a $300 million incremental term loan A and an $800 million incremental term loan B, bringing fresh borrowing to more than $1.6 billion tied mainly to buying Epiq Solutions and helping cover the Swiss Technology Group AG deal. The company is also pursuing ILFA GmbH, with both European acquisitions expected to close in the third quarter. The offering is not conditioned on the Epiq Solutions purchase closing, but if that deal is not completed by November 15, 2026, or is pushed to May 15, 2027 under an extension, TTM must redeem the entire $500 million at full principal plus accrued interest. The borrowing follows a second quarter in which net sales hit $1.0 billion, up 37% year over year, GAAP net income rose to $83.0 million, or $0.77 per diluted share, and adjusted EBITDA reached $166.8 million, a 16.6% margin, with net leverage at 0.9 times before the new debt lands on the balance sheet.

Impact on assets 1

Semiconductors▲ · 1 stocks
TTM Technologies Inc
TTMI
± MixedCapitalrelevance

TTM prices $500M senior notes plus $1.6B+ in new borrowing to fund acquisitions, a major financing event with added leverage risk.

Off-coverage companies 2

Epiq SolutionsPrivate▲ Positive
Capitalrelevance

TTM is raising over $1.6B in debt mainly to buy Epiq Solutions, with the notes tied to that deal closing.

ILFA GmbHPrivate▲ Positive
Capitalrelevance

TTM is pursuing ILFA GmbH as one of its European acquisitions, providing a potential exit/buyout for the company.

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