TTM Technologies prices $500 million in senior notes to fund Epiq Solutions acquisition
A $500 million debt raise is in focus for TTM Technologies (NASDAQ: TTMI) after the Santa Ana, California-based printed circuit board and RF components manufacturer priced 6.750% senior notes due 2034 on September 10. The expected close is September 24, 2026, subject to customary closing conditions. The next hard milestone on the tape is November 15, 2026, the Outside Date by which the Epiq Solutions acquisition must complete or TTM faces mandatory redemption of the notes at par.
Key takeaways
- TTM Technologies priced $500 million of 6.750% senior unsecured notes due 2034 on September 10, with the offering expected to close September 24, 2026.
- The notes are part of a larger financing package that also includes $300 million from an incremental senior secured term loan A and $800 million from an incremental senior secured term loan B.
- The proceeds are intended to fund TTM's acquisition of Epiq Solutions (EDS Intermediate Holding, LLC), with revolver borrowings covering the separate proposed acquisition of Swiss Technology Group AG.
- If the Epiq Solutions acquisition does not close by the November 15, 2026 Outside Date and the automatic extension to May 15, 2027 does not apply, TTM must redeem the notes at 100% of principal plus accrued interest.
- The notes were placed privately under Rule 144A and Regulation S, limiting access to qualified institutional buyers in the U.S. and non-U.S. persons abroad.
A $500 million debt raise is in focus for TTM Technologies (NASDAQ: TTMI) after the Santa Ana, California-based printed circuit board and RF components manufacturer priced 6.750% senior notes due 2034 on September 10. The expected close is September 24, 2026, subject to customary closing conditions. The next hard milestone on the tape is November 15, 2026, the Outside Date by which the Epiq Solutions acquisition must complete or TTM faces mandatory redemption of the notes at par.
The financing stack
The $500 million notes are one piece of a larger package. TTM intends to combine the offering proceeds with expected borrowings of $300 million from an incremental senior secured term loan A and $800 million from an incremental senior secured term loan B. All three facilities are intended to fund the purchase price for the previously announced acquisition of EDS Intermediate Holding, LLC, the entity operating as Epiq Solutions. A secondary stated use covers any amounts TTM may borrow on its revolving credit facility to fund the separate proposed acquisition of Swiss Technology Group AG.
The notes carry senior unsecured status and will be guaranteed by the subsidiaries that back TTM's existing term loan B due 2030 and its revolving credit facility, subject to certain exceptions. The offering was placed privately under Rule 144A and Regulation S, limiting access to qualified institutional buyers in the U.S. and non-U.S. persons abroad. TTM manufactures mission systems, RF components, RF microwave and microelectronic assemblies, and interconnect products including printed circuit boards and substrates.
What to watch
The structure carries a conditional backstop. If Epiq Solutions does not close by November 15, 2026, and the automatic extension to May 15, 2027 does not apply, TTM must redeem the notes at 100% of principal plus accrued interest. That feature keeps the notes offering from being conditioned on the acquisition close, separating credit execution from deal completion risk in the near term.
At 6.750%, the coupon is not a rounding error against TTM's existing capital structure. Whether the incremental facilities price on similar terms will sharpen the total financing cost picture once those terms are disclosed. The operational implications of the Epiq Solutions addition for TTM's PCB and RF manufacturing throughput remain to be quantified. The notes close, expected September 24, is the next confirmable print.
Related reading
Filed by the newsroom of MarketPR on September 10, 2026. Source: sec.gov. Indicative figures are not investment advice.