SANTA ANA, CA – TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency components and RF microwave/microelectronic assemblies and printed circuit boards, today announced the closing and syndication of a new $350 million senior secured term loan and the closing of a new U.S. asset-based revolving credit facility with committed borrowing capacity of $150 million.
The New Term Loan Facility, which matures May 2030, amends and restates TTM’s previous senior secured term loan facility that was scheduled to mature in September 2024, under which $356 million of indebtedness was outstanding. TTM used the proceeds from its New Term Loan Facility to refinance $350 million of such outstanding indebtedness and used cash on hand to pay the remaining indebtedness as well as to pay related fees and expenses. The New U.S. ABL Facility amends and restates TTM’s previous $150 million U.S. asset-based revolving credit facility, which was scheduled to mature in June 2024.
The New Term Loan Facility was priced at an interest rate of Term SOFR + 2.75%. The new Term B Loans were issued with a 1.0% original issue discount. Annual cash interest expense is expected to increase by $0.9 million.
The maximum availability under the New U.S. ABL Facility is $150 million. The New U.S. ABL Facility is scheduled to mature in May 2028 and has a borrowing rate of Term SOFR plus a margin ranging from 1.35% to 1.6%.
As a result of these transactions, annual non-cash interest expense will increase approximately $0.3 million and TTM will record, in the second quarter of 2023, a non-cash expense of approximately $1.3 million for the write off of debt issuance costs.
The New Term Loan Facility was entered into with J.P. Morgan acting as administrative agent and joint lead arranger. Other joint lead arrangers for the New Term Loan Facility were BofA Securities, Inc., Barclays Bank PLC, Truist Securities, Inc. and HSBC Securities (USA) Inc. The New U.S. ABL Facility was entered into with J.P. Morgan acting as administrative agent.
SAN DIEGO – Altium, LLC (ASX: ALU), the global leader in PCB design software, announces the successful completion of the Service Organization Control (SOC) 2 Type 2 certification. This significant milestone highlights Altium's dedication to maintaining the highest data security and integrity standards within its cloud-based Altium 365 platform.
Completing the examination and the subsequent report receipt verifies that Altium meets or exceeds the rigorous security measures and industry standards outlined by the American Institute of Certified Public Accountants (AICPA) regarding security, availability, and confidentiality.
The Altium 365 Cloud Security team, under the leadership of Volodymyr Volotko, Director of Cloud Solutions, possesses a wealth of expertise in creating secure and compliant environments for Altium 365 customers.
"By successfully completing the SOC 2 Type 2 examination, we demonstrate our commitment to upholding the highest security standards," said Greg Bellasis, Director of Cybersecurity. "Through implementing effective controls, we can confidently assure our customers that their trust in Altium is well-placed."
Following the completion of the SOC 2 Type 1 audit in March 2022, Altium voluntarily pursued the next level of examination, the SOC 2 Type 2. It's important to note that SOC 2 Type 1 assesses the design of security processes at a specific point in time. In contrast, a Type 2 report evaluates the effectiveness of those controls over a specified period of time. The Type 1 examination establishes the foundation of well-designed controls, while the Type 2 examination provides evidence of the controls' effectiveness and ability to operate consistently over time.
Altium plans to participate in annual assessments to maintain active SOC 2 Type 2 reports, further reinforcing its ongoing data security and compliance commitment.
"Altium's achievement of SOC 2 Type 2, our recent AWS GovCloud offering, and continued progress reaffirm our commitment to delivering the highest levels of security, privacy, and continuity to our clients," stated Nikolay Ponomarenko, Head of Altium 365 Cloud Platform. "We consistently enhance our data management practices, fostering transparency, open communication, and accountability between our customers and ourselves, continuing to invest towards security."
Altium provides a comprehensive Trust Center equipped with a knowledge base to assist users in comprehending the security and compliance features of Altium 365. Further information about SOC 2 and other compliance-related topics can be found by visiting the Altium 365 Trust Center at altium.com/trust
WALDENBURG, GERMANY – Würth Elektronik Sweden AB has moved; significantly more space available. Würth Elektronik, manufacturer of electronic and electromechanical components for the electronics industry, is strengthening its activities in Scandinavia. The expansion in Sweden is the result of an extremely positive business development, and now enables the expansion of the sales office, back office, and customer services.
For Robert Vikman, the newly appointed General Manager of Würth Elektronik Sweden AB, this is the second move during his eight years with the company. Vikman has worked in the electronics industry since his time at ELFA (1995 to 2006).
"We are very happy that this branch is developing so successfully," Vikmann says happily. "Both ELFA and Würth Elektronik are family-owned, so there are a lot of similarities in the corporate culture. But, I particularly like Würth Elektronik and its concept. As an established manufacturer, we can offer free components for prototypes, all simulations, footprints, and 3D files directly on our website, and guarantee 98% availability on the more than 50,000 components in our range. Few manufacturers can do that."
"Now, we have space to grow even more," Vikmann continues, "and space is what we need, because we want to expand our technical field and office service. We currently have almost 30 employees in Sweden. Joining the team now are a digital sales manager, who exclusively handles online digital customer calls from our studio in the new office, and a technician for our online chat via the website. We are also expanding our range of wireless modules in the areas of Bluetooth, LTE, Wi-Fi, and sensors, which in turn increases customer demand for local support. I look forward to what lies ahead now."
Vikmann extends a big thank you to his predecessor CEO Martin Danielsson, who is moving on to new responsibilities outside the company after 18 years in the Würth family.
AUSTIN, TX – TechSearch International’s latest analysis explains the tough year ahead for semiconductor companies, OSATs, and foundries after the record highs from the Covid-induced spending spree. Market forecasts for Ball Grid Arrays (BGAs) and Chip Scaled Packages (CSPs) are provided in units. The CSP market is divided into laminate (FBGA and FLGA) and leadframe (QFN) substrates. Stacked die package trends are included. Unit growth projections for Cu clip and molded interconnect substrates (MIS) are provided. Package examples and demand drivers are included. TechSearch International analyzes the supply and demand for build-up substrates used for flip chip BGAs and the excess capacity expected resulting from declining demand and inventory. The report includes OSAT financials and examines economic trends impacting the industry with an analysis of CAPEX plans for the year.
Automotive electronics and especially electric vehicles (EVs) are a bright spot. Increased adoption for SiC and GaN in applications including EVs and charging stations, renewable energy, fast charging for mobile devices, and power suppliers are driving demand for legacy packages such as TOs and power modules for SiC and DFNs and QFNs for GaN. Embedded die packages are playing an increased role. With strong growth in China’s EV industry, the country is well positioned with the infrastructure to support the expansion.
The latest Advanced Packaging Update is a 100-page report with full references and an accompanying set of more than 90 PowerPoint slides.
MILPITAS, CA – FlexTech, a SEMI Technology Community focused on driving flexible hybrid electronics (FHE) innovations, today issued a Request for Proposals (RFP) for advances in innovative materials, FHE design tools, additive-enabled processing, hybrid electronics packaging, FHE manufacturing, AI/ML applications, soft robotics, and power solutions. Selected projects will receive cash awards ranging from $250,000 to $1 million. The program is funded by the Army Research Laboratory (ARL).
Organizations submitting proposals will be evaluated based on their capabilities, experience, and strengths including team diversity. See the SEMI FlexTech 2023 Request for Proposals for more details on the evaluation process.
White paper submissions, the first step in responding to the RFP, are due June 5, 2023. To help organizations prepare their proposals, FlexTech staff will review the RFP topics and the submission and review process during a live webinar on May 25, 2023, at 10:00 a.m. PDT. The webinar is open to organizations considering submitting a proposal. A recording will be available for registrants unable to attend the event. Registration for the event is open.
Following the review of white papers by the RFP Review Committee, consisting of FlexTech Council members and other subject matter experts (SMEs), FlexTech will invite selected organizations to submit full proposals. The evaluation criteria include:
FlexTech supports technical approaches that are revolutionary or have a significant element of risk, as well as approaches that are evolutionary improvements upon existing capability, which tend to be less risky and involve shorter development and delivery intervals. Research and development efforts funded by FlexTech are in the U.S. government’s Technology Readiness Level (TRL) and Manufacturing Readiness Level (MRL).
FlexTech encourages partnerships among industrial companies, R&D organizations, and university teams. ARL funding will be matched with contributions by grant recipients to cover the total project cost. Development partners retain ownership of intellectual property developed under FlexTech contracts.
PARAMOUNT, CA – Excellon has recently completed the installation of a COBRA-II Hybrid Laser System at Accurate Circuit Engineering, of Santa Ana, California.
James Hofer, General Manager at Accurate Circuit Engineering (ACE), comments:
“ACE provides cutting edge technology prototype PCBs and as such we need cutting edge technology. The Cobra-II brings a suite of laser drilling, milling and skiving advantages that no other unit we evaluated could compare with. Further, the support we get from Excellon is like no other. Though we evaluated multiple manufacturers of laser drilling systems it came as no surprise that Excellon performed better and allowed us the flexibility to do what we do best, high technology faster and better than the rest.”
Accurate Circuit Engineering (ACE) is a high technology, quick turn prototype PCB manufacturer specializing in RF, microwave, high-speed and antenna designs. In our Santa Ana based facility ACE can build a Multilayer PCB in as little as 24 hours. ACE is AS9100, ITAR Mil-PRF-31032 and D0D 2345 certified.
Mike Sparidaens, Vice President of Sales at Excellon, shared his comments:
“The COBRA-II Hybrid Laser System and can handle the most challenging rigid and flexible circuit board designs. The system is well known worldwide for its capability and reliability. We have enjoyed working with Accurate Circuit Engineering for many years and are very excited to have installed a laser system at their facility.”
Excellon, a U.S. based company, is recognized worldwide as a leader in installed PCB drilling systems with products ranging from single and multiple station mechanical drilling machines to hybrid laser precision via formation and routing systems. To meet increasing production volume, Excellon has opened a new manufacturing facility in Paramount, California, USA.