TTM $500M Note Offering
TTM Technologies prices $500 million in senior notes to fund its proposed Epiq acquisition.
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Key Points
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The notes are being offered privately to qualified institutional buyers and certain non-U.S. investors, with the sale expected to close on September 24, 2026, subject to customary closing conditions.
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The guarantees extend to subsidiaries backing TTM’s existing senior secured facilities, including its term loan B due 2030 and revolving credit facility, subject to specified exceptions.
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Before the acquisition-related borrowing, TTM had reported roughly 1.0 times net leverage at the end of March, a new $1 billion revolving credit facility and a BB+ credit rating—providing context for the scale of the planned debt increase.
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TTM’s broader European expansion also includes the all-cash purchase of Swiss Technology Group and ILFA, agreed in June, separate from the proposed Epiq Solutions transaction.
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TipRanks’ AI Analyst rated TTM Neutral, citing stronger fundamentals, margins, guidance and backlog but offsetting those positives with slightly negative free cash flow, a roughly 61 price-to-earnings ratio and mixed technical indicators.
TTM Technologies is raising $500 million through senior unsecured notes to help pay for its $1.1 billion acquisition of Epiq Solutions, TipRanks reported. The company priced the notes at 6.750% interest with a maturity date of 2034. Combined with planned term loans of $300 million and $800 million, the financing gives TTM the firepower to expand in printed-circuit boards and radio-frequency components serving AI infrastructure and defense markets.
The offering closes September 24, 2026, and comes as TTM simultaneously pursues an all-cash purchase of Swiss Technology Group. Trading View confirmed the notes are guaranteed by subsidiaries backing TTM's existing senior secured facilities. The debt increase will substantially boost TTM's leverage from roughly 1.0 times net debt-to-EBITDA at the end of March.
Two Acquisitions Push TTM Into Larger Markets
TTM is betting big on growth beyond its core printed-circuit board business. The Epiq Solutions deal adds radio-frequency components and integration capabilities for aerospace and defense. Separately, TTM agreed in June to buy Swiss Technology Group and ILFA for cash, expanding its European footprint. Together, these moves position TTM to capture faster-growing segments tied to AI infrastructure buildout and military modernization.
Debt Issuance Stacks New Leverage on Existing Facilities
Before this offering, Trading View reported TTM had roughly 1.0 times net leverage, a $1 billion revolving credit facility and a BB+ credit rating. The $500 million note offering plus $1.1 billion in term loans will significantly increase that burden. The notes are guaranteed by subsidiaries that already back TTM's existing term loan B due 2030. TTM must redeem the notes at par if the Epiq deal doesn't close by the agreed outside date.
Strong Momentum Offset by Valuation and Cash Flow Concerns
TipRanks' AI Analyst rated TTM Neutral, acknowledging stronger fundamentals, margins, guidance and backlog in the company's favor. But headwinds include negative free cash flow, a roughly 61 price-to-earnings ratio and mixed technical signals. The leverage increase and integration risks from back-to-back acquisitions add execution complexity, even as TTM's core operating momentum remains solid.
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