12 August 2011

5N Plus closes new CDN$250m credit facility

5N Plus Inc of Montreal, Canada, a producer and provider of high-purity metals, compounds and wafers for electronic applications, has closed a new CDN$250m senior secured multi-currency revolving credit facility to replace its existing CDN$50m two-year senior secured revolving facility with National Bank of Canada. The new credit facility will be used to refinance existing indebtedness and for other corporate purposes, including capital expenditures and growth opportunities. 

Founded in 2000, 5N Plus focuses on specialty high-purity metals such as tellurium, cadmium, selenium, germanium, indium and antimony and also produces related II-VI semiconducting compounds such as cadmium telluride (CdTe), cadmium sulphide (CdS) and indium antimonide (InSb) as precursors for the growth of crystals for electronic applications, including solar photovoltaic, radiation detector and infrared markets. 5N Plus owns four material subsidiaries: 5N PV GmbH (Eisenhuttenstadt, Germany), Firebird Technologies Inc (Trail, BC, Canada), 5N Plus Corp (DeForest, WI, USA) and Sylarus Technologies LLC (St George, UT, USA). 

The new credit facility has a four-year term and bears interest at either prime rate, US base rate, LIBOR or EURO LIBOR plus a margin based on 5N Plus’ senior consolidated debt to EBITDA ratio. 5N Plus also has a US$35m credit facility in Asia. 

At any time, 5N Plus has the option to request that the new credit facility be expanded to CDN$350m through the exercise of an additional CDN$100m accordion feature, subject to review and approval by the lenders.

In connection with the new credit facility, National Bank of Canada and HSBC Bank acted as co-lead arrangers and joint book runners, and five other banks acted as lenders. 

See related items:

5N Plus grows sales 7% year-on-year to a record $20.6m

5N Plus completes MCP acquisition and $125m public offering

5N Plus’ sales match company record

5N Plus’ revenue supplemented by non-solar products as Firebird ramps up

Tags: 5N Plus

Visit: www.5nplus.com