TTM Technologies falls after unveiling debt package to fund Epiq, STG acquisitions
TTMI•Broker views and stock performance
All five brokerages covering the stock rate it "buy" or above, with a median price target of $208, according to data compiled by LSEG.
As of the last close, the stock had risen 80% year to date.
Proposed notes and loans to fund acquisitions
The company proposed offering $500 million in senior unsecured notes due 2034, sold privately to qualified institutional investors.
TTM said it expects the proceeds, together with a $300 million incremental Term Loan A and an $800 million incremental Term Loan B, to fund its acquisition of Epiq Solutions and cover related fees.
The company also expects to use proceeds to fund reduction of any amounts it may borrow under the Revolving Credit Facility used for its acquisition of Swiss Technology Group AG.
TTM said the bond sale and the Epiq Solutions deal are independent of each other.
Shares fall after financing plan is announced
Shares of U.S. circuit board maker TTM Technologies fell more than 6% to $116.70 in premarket trading after the company unveiled a debt package tied to its acquisition plans.
