TTM Technologies, Inc. Annouces Partial Debt Prepayment
March 09 2016 - 7:46PM
TTM Technologies, Inc. (Nasdaq:TTMI), a leading global printed
circuit board (“PCB”) manufacturer, today announced the principal
payment of $74.1 million toward the $950 million Senior Secured
Term Loan B that was used to finance the acquisition of Viasystems
on May 31, 2015.
“As planned, we were pleased to utilize a portion of the $118
million in free cash flow that TTM generated in the fourth quarter
of 2015 toward our goal of debt reduction as we continue to focus
on deleveraging the balance sheet,” said Todd Schull CFO of
TTM.
About TTM
TTM Technologies, Inc. is a leading global printed circuit board
manufacturer, focusing on quick-turn and technologically advanced
PCBs, backplane assemblies and electro-mechanical solutions. TTM
stands for time-to-market, representing how TTM's time-critical,
one-stop manufacturing services enable customers to shorten the
time required to develop new products and bring them to market.
Additional information can be found at www.ttm.com.
Forward-Looking Statements
This release contains forward-looking statements that relate to
future events or performance. TTM cautions you that such statements
are simply predictions and actual events or results may differ
materially. These statements reflect TTM's current expectations,
and TTM does not undertake to update or revise these forward
looking statements, even if experience or future changes make it
clear that any projected results expressed or implied in this or
other TTM statements will not be realized. Further, these
statements involve risks and uncertainties, many of which are
beyond TTM's control, which could cause actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include, but are not limited to, the successful
integration of Viasystems, including, the planned plant
combinations and closure, general market and economic conditions,
including interest rates, currency exchange rates and consumer
spending, demand for TTM's products, market pressures on prices of
TTM's products, warranty claims, changes in product mix,
contemplated significant capital expenditures and related financing
requirements, TTM's dependence upon a small number of customers and
other factors set forth in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's public reports filed with the
SEC.
Contact:
Todd Schull, CFO
714-327-3000
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