News: Suppliers
8 November 2021
Veeco repurchasing $111.5m of 2.70% convertible senior notes due 2023
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA – which provides ion beam, laser annealing, lithography, metal-organic chemical vapor deposition (MOCVD) and single-wafer etch & clean technologies – has entered into a privately negotiated note purchase agreement with Lynrock Lake LP under which Veeco will repurchase about $111.5m of its outstanding 2.70% convertible senior notes due 2023 from Lynrock Lake Master Fund LP for cash consideration of about $115.6m, and $1m of accrued and unpaid interest.
“We are excited to take this step to improve our capital structure,” comments CEO Bill Miller. “With this repurchase, Veeco will have retired over 80% of our 2023 debt maturity obligation,” he adds. This transaction de-levers our balance sheet, reduces potential dilution, and allows us to focus on continuing our growth strategy.”
The repurchase is expected to close on 10 November, subject to customary closing conditions. Following the repurchase, about $20.2m of notes will be outstanding.
Veeco retiring $125m of 2.70% convertible senior notes due 2023
