Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 148

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 148
---
 all obligations in respect of the U.S. ABL. Loans made under the U.S. ABL are secured by a perfected first priority security interest in certain deposit accounts, cash and cash equivalents, accounts receivable, and certain U.S. inventory (U.S. ABL Priority Collateral) as well as by a perfected second priority interest in all of the collateral securing the Term Loan Facility.The Asia Asset-Based Lending Credit Agreement (Asia ABL) is comprised of a revolving credit facility for up to $150,000 and a sublimit for letter of credit for up to $100,000, provided that at no time may amounts outstanding under the agreement exceed in aggregate $150,000 or the applicable borrowing base, which is a percentage of the principal amount of Eligible Accounts, as defined in the Asia ABL agreement. Borrowings under the Asia ABL bear interest at a floating rate of Term SOFR plus 1.30%. There is no provision, other than an event of default, for the interest margin to increase. As of December 30, 2024, the interest rate on the outstanding borrowings under the Asia ABL was 5.64%. As of December 30, 2024, $80,000 under the Asia ABL was outstanding and classified as long-term debt, which is consistent with its maturity date.The Asia ABL is scheduled to mature on June 13, 2028. Loans made under the Asia ABL are secured by a portion of the Company’s Asia Pacific cash and receivables and are structurally senior to the Company’s domestic obligations, including the Senior Notes due 2029.As of December 30, 2024, letters of credit in the amount of $7,497 were outstanding under the U.S. ABL and $16,931 were outstanding under the Asia ABL with various maturities through December 2025. Available borrowing capacity under the U.S. ABL and the Asia ABL was $142,503 and $53,069 respectively, which considers letters of credit outstanding as of December 30, 2024. The Company is required to pay a commitment fee of 0.25% per annum on any unused portion of the U.S. ABL and the Asia ABL (collectively, the ABL Revolving Loans). The Company incurred total commitment fees related to unused borrowing availability of $476, $620, and $661 for the years ended December 30, 2024, January 1,