TTM Technologies Prices $220 Mln Of Convertible Senior Notes

(RTTNews) - TTM Technologies, Inc. (TTMI) said Tuesday that it has priced $220 million aggregate principal amount of 1.75% Convertible Senior Notes due 2020 in an underwritten public offering.

The size of the transaction was increased from the previously announced aggregate principal amount of $150 million. TTM has granted the underwriters a 30-day option to purchase up to an additional $30 million aggregate principal amount of the notes solely to cover over-allotments, if any.

The offering is expected to close on December 20.

,TTM estimates that the net proceeds from the offering will be about $213.0 million, or about $242.2 million if the underwriters exercise their over-allotment option in full, after deducting the underwriters' discounts and commissions and TTM's estimated offering expenses. TTM expects to use about $28.6 million of the net proceeds from the offering to pay the cost of the convertible note hedge transactions it entered into with certain financial institutions, including one or more of the underwriters or their respective affiliates, after such cost is partially offset by proceeds that TTM expects to receive from the sale of the warrants pursuant to warrant transactions TTM entered into with the option counterparties, in each case, concurrently with the pricing of the offering.

The company also plans to use about $136.1 million of the net proceeds from the offering to repurchase about $131.6 million aggregate principal amount of its outstanding 3.25% convertible senior notes due 2015 in privately negotiated transactions, net of accrued interest.

TTM plans to use the remaining net proceeds from the offering for general corporate purposes, which may include repayment of indebtedness, potential acquisitions, working capital, and capital expenditures.