TTM Technologies

TTM Technologies priced a senior unsecured note of $500 million due 2034 with a 6.75% coupon in a private placement; closing is expected on September 24, 2026. The net proceeds, together with planned senior secured term loans of $300 million and $800 million, are intended to finance the announced acquisition of EDS Intermediate Holding (Epiq Solutions) and, if applicable, to refinance debt and for general corporate purposes. The note is not conditioned on the closing of the Epiq acquisition; however, TTM has a repurchase obligation at par if the takeover is not completed by November 15, 2026. » Mais em de.investing.com

TTM Technologies announces a private placement of senior unsecured notes of $500 million due 2034, guaranteed by certain subsidiaries. The net proceeds, together with planned senior secured term loans of $300 million and $800 million, are to be used to finance the previously announced acquisition of Epiq Solutions; funds may also be used for other corporate purposes and to repay revolving credit facilities. The notes will be offered to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S; if the acquisition has not failed by November 15, 2026 (with a possible extension to May 15, 2027), TTM is obligated to repay the notes at par. » Mais em de.investing.com

TTM Technologies presented its transformation from a circuit board manufacturer to an integrated specialty electronics provider focused on AI, data centers and aerospace/defense. Revenue rose from $2.9 billion to $4.4 billion, operating margin most recently was 16.5% with an annual guidance of 18%. The aerospace and defense business has a backlog of $1.7 billion and a book-to-bill ratio of 1.3, while 80% of the business remains tied to core megatrends. TTM is pursuing selective capacity expansions, targeted acquisitions such as Epiq Solutions, and the use of AI to boost efficiency, and continues to expect double-digit revenue and earnings growth. » Mais em de.investing.com

S&P has cut the outlook for TTM Technologies from "positive" to "stable" and affirmed the issuer rating at BB after TTM announced the acquisition of Epiq Solutions for $1.1 billion. The agency expects the deal to be largely debt-financed and to push pro forma leverage at the end of 2026 into the upper-2x area; in 2027 S&P expects leverage to fall back to the upper-1x area as business performance and EBITDA margins improve. S&P projects nearly 50% revenue growth for 2026 and warns that further debt-funded acquisitions or market downturns could lead to a downgrade, while a sustained reduction of adjusted net leverage below 2x could allow for an upgrade. » Mais em de.investing.com

Moody's affirms TTM Technologies' Ba2 corporate family rating and upgrades the outlook from stable to positive, while confirming the Ba1 rating for the secured bank facility and the Ba3 rating for unsecured notes. The upgrade is driven by strong revenue and profitability growth, supported by high demand for AI-enabled computing and networking in data centers and continued demand from aerospace and defense. Moody's expects 2026 revenues in the mid-$4 billion range (versus about $2 billion in 2024) and sees TTM able to keep leverage below 2.5x EBITDA despite recent acquisitions. Further rating upside depends on sustainable revenue growth, margin expansion and a stably low leverage; deterioration would be prompted by sustained declines in revenue or margins or leverage above 4.0x EBITDA. » Mais em de.investing.com