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Get filing alertsTTM Technologies refinances debt with $1B revolver and $400M term loan at lower rate
Filed June 3, 2026 · Period ending June 1, 2026 · ~1 min read
Key Changes
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high
Replaced two $150M asset-based revolvers with new $1B cash flow revolver maturing May 2031, significantly expanding liquidity capacity and extending maturity by ~3 years.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Upsized term loan from $340.4M to $400M and reduced interest rate by 50 basis points to Term SOFR + 1.75%, generating meaningful cash interest savings through 2030 maturity.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
New credit agreement restricts TTM's ability to pay dividends or make distributions on capital stock, limiting flexibility to return capital to shareholders.
Item 3.03 — Material Modification to Rights of Security Holders verify on EDGAR → -
medium
Revolving facility requires minimum 2.50x interest coverage and maximum 4.50x leverage (5.00x for one year post-acquisition), standard financial maintenance covenants.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Terminated U.S. and Asia ABL credit agreements and repaid all obligations in connection with the refinancing.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR →
Summary
TTM Technologies executed a comprehensive debt refinancing that strengthens its capital structure and reduces borrowing costs. The company replaced two smaller asset-based revolvers totaling $300 million with a single $1 billion cash flow revolver maturing in 2031, more than tripling available liquidity and pushing out maturities by approximately $400.0 million three years.
Simultaneously, TTM upsized its term loan to $400 million from $340.4 million while cutting the interest rate by 50 basis points, which management expects will generate meaningful cash interest savings through the 2030 maturity. The refinancing aligns with strategic plans outlined at the company's May 27th Investor Day and provides financial flexibility for growth initiatives.
However, shareholders should note that the new credit agreement imposes restrictions on TTM's ability to pay dividends or make other distributions on capital stock. The revolving facility includes standard financial covenants requiring minimum 2.50x interest coverage and maximum 4.50x leverage, with a temporary step-up to 5.00x permitted for one year following material acquisitions. Overall, the transaction improves TTM's liquidity position and reduces debt service costs while constraining capital return options.
Section-by-Section Diff
Event · Item 1.02 — Termination of a Material Definitive Agreement
Item 1.02 — Termination of a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
on June 1, 2026, the Company terminated (a) the Amended & Restated ABL Credit Agreement, dated as of May 30, 2023, by and among the Company, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, Bank of America, N.A. and Truist Securities, Inc. as Syndication Agents, and HSBC Securities (USA) Inc., as Documentation Agent, as amended by the First Amendment dated as of June 10, 2024 (the “U.S. ABL Credit Agreement”), and (b) the Amended & Restated Facility Agreement, dated as of June 14, 2023, by and among TTM Technologies China Limited and TTM Technologies Trading (Asia) Company Limited, as borrowers, TTM Technologies (Asia Pacific) Limited and other parties as guarantors, The Hong Kong and Shanghai Banking Corporation Limited and Barclays Bank PLC as original lenders, and The Hong Kong and Shanghai Banking Corporation Limited as arranger, facility agent, security trustee and issuing bank (the “Asia ABL Credit Agreement”), and repaid all obligations pursuant to the U.S. ABL Credit Agreement and the Asia ABL Credit Agreement.
TTM Technologies terminated both its U.S. and Asia asset-based lending credit agreements and fully repaid all outstanding obligations under these facilities. The terminations occurred in connection with a new 2026 credit agreement, indicating a refinancing transaction that replaces the company's existing ABL facilities with new debt arrangements.
Event · Item 3.03 — Material Modification to Rights of Security Holders
Item 3.03 — Material Modification to Rights of Security Holders filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Pursuant to the terms of the 2026 Credit Agreement, the Company is subject to certain restrictions on its ability to declare or pay any dividend or make any other payments or distributions on account of any capital stock of the Company and its restricted subsidiaries.
TTM Technologies disclosed that its new 2026 Credit Agreement restricts the company's ability to pay dividends or make distributions on its capital stock and those of its restricted subsidiaries. This is a material modification to shareholder rights, as it limits the company's flexibility to return capital to shareholders through dividends. The specific terms of these restrictions are detailed in Item 1.01 of the filing.
Event · Item 7.01 — Regulation FD Disclosure
TTM Technologies announced a new 2026 Credit Agreement via press release.
Added in current filing · verify on EDGAR →
On June 3, 2026, the Company issued a press release announcing the 2026 Credit Agreement (the “Press Release”).
TTM Technologies disclosed entering into a new credit agreement in 2026. The 8-K references a press release (Exhibit 99.1) that contains the details, but the body of the filing provides no specifics about the size, terms, lenders, or purpose of the credit facility. The announcement is made under Item 7.01 (Regulation FD Disclosure), indicating the company is publicly disclosing information that might otherwise be material non-public information.
Event · Exhibit 99.1
TTM closed a new $1.0B revolver and upsized/repriced $400M Term Loan B, reducing interest costs and enhancing financial flexibility.
Added in current filing · view on EDGAR →
Consistent with plans communicated during our May 27th Investor Day presentation, we are excited to announce that we have brought on new credit facilities to strengthen our financial position while providing flexibility to pursue strategic initiatives
Management stated that the new credit facilities align with plans presented at the May 27th Investor Day and are intended to strengthen the company's financial position while providing flexibility for strategic initiatives. The CFO emphasized that the enhanced capital structure, combined with a solid balance sheet and healthy operational performance, supports sustainable growth and shareholder value maximization.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify