News: Suppliers
17 December 2021
Veeco announces new $150m senior secured credit facility
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has entered into a senior secured revolving credit facility that enables it to borrow up to $150m over a five-year term that expires in December 2026.
“We are pleased to secure a $150m facility at attractive interest rates,” comments chief financial officer John Kiernan. “The facility provides the company with enhanced liquidity and financial flexibility to carry out our corporate objectives.”
The firm has no immediate plans to draw down on the facility. Interest expense under the facility is variable based on the company’s secured net leverage ratio and is expected to bear interest based on SOFR plus a range of 150-225 basis points, if drawn. There is a yearly commitment fee of 25-35 basis points, based on the firm’s secured net leverage ratio, charged on the unused portion of the facility.
HSBC Bank USA N.A. is acting as administrative agent and collateral agent. HSBC Bank N.A., along with Barclays Bank PLC, Santander Bank N.A. and Citiban N.A., served as joint lead arranger and joint bookrunner on the facility with Silicon Valley Bank as an additional lender. Morrison & Foerster LLP acted as counsel to Veeco.
Veeco repurchasing $111.5m of 2.70% convertible senior notes due 2023
