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News

20 April 2007

 

Aviza completes $55m credit facility led by Asia-focused US bank

Etch and deposition system maker Aviza Technology Inc of Scotts Valley, CA, USA has completed a new asset-backed credit facility led by United Commercial Bank of San Francisco, CA (a banking subsidiary of UCBH Holdings Inc) that will not exceed an aggregate principal amount of $55m and includes: a two-year revolving facility of up to $44m that is secured by accounts receivable, inventory and fixed assets; a three-year equipment term loan of up to $4m; and a four-year commercial real estate term loan of up to $13m. The credit facility replaces and refinances the firm’s revolving line of credit with Bank of America, N.A. and a mortgage line of credit with iStar Financial Inc (due to mature in August and September, respectively).

“Securing this new credit facility is an important step in our growth,” says Patrick C. O’Connor, executive VP and chief financial officer. “In addition to obtaining lower interest rates, we have restructured the long-term debt secured by the realproperty that Aviza owns in Scotts Valley, CA. With the completion of our recent equity offering [raising $24m on Nasdaq at the end of February — see March issue, page 25] and the new credit facility, Aviza is a financially stronger company,” O’Connor adds. “The new credit facility provides us with additional capital resources to fund investment in our core markets as well as the newer growth markets of atomic layer deposition and wafer-level packaging.”

Johnny Lee, senior VP and manager of the Technology Banking Group with United Commercial Bank, says: “Our primary emphasis on companies doing business in Asia will help Aviza capitalize on its business opportunities in Asia.” UCB claims to be the leading bank in the USA serving the Chinese community and American companies doing business in Greater China.

See related items:

Aviza announces pricing of public offering to raise $24m

Aviza’s quarter revenues more than double year-on-year

Visit: http://www.avizatechnology.com