TTM Technologies Enters Into New Credit Facility

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9/19/2012 6:53 PM ET

Printed circuit board manufacturer, TTM Technologies Inc. (TTMI: Quote), said Wednesday that it has entered into a new $450 million credit facility with banks led by HSBC Limited.

The credit facility, which comes in three tranches, comes after the company and its subsidiaries in Hong Kong recently entered into a transaction with a syndicate of eight banks led by HSBC.

The credit facility includes: - $370 million four-year term loan facility with interest payable at a rate of LIBOR plus 2.38 percent per year. This loan is expected to be drawn before the end of the current quarter.

- $90 million three and one half-year revolving credit facility with interest payable at a rate of LIBOR plus 2.38 percent per year.

- $80 million or equivalent in other currencies four-year letters of credit facility granting up to 540 days for the purpose of equipment purchases and up to 150 days for other general purposes.

The expects to use the proceeds from the credit facility to repay debts and as working capital for its Asia Pacific operations.

TTM Technologies shares closed at $10.48, down 2 cents or 0.19% on the Nasdaq.

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by RTT Staff Writer

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