GT Advanced Technologies: Bids Pursuant to DIP Loan Facility
MERRIMACK, N.H. - GT Advanced Technologies Inc. (OTC:GTATQ) announced the commencement of a process to solicit participation in a proposed debtor-in-possession term loan facility (the "DIP Loan Facility") by eligible holders of the Company's previously issued convertible notes (the "Convertible Notes"). The solicitation process is being conducted in connection with a commitment letter, dated March 17, between the Company and certain holders of the Convertible Notes (the "Commitment Letter"). The Company was authorized to undertake the solicitation process pursuant to an order of the Bankruptcy Court entered on April 2, 2012.
The Company anticipates that the DIP Loan Facility will provide for loans in an initial aggregate principal amount of $95.0 million, and will provide for, or permit, a letter of credit facility providing for the issuance of letters of credit with the aggregate face amounts outstanding not to exceed $15.0 million.
The opportunity to participate in the DIP Loan Facility is limited to those holders of the Company's Convertible Notes as of March 13, 2015 that are (i) qualified institutional buyers, as such term is defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (ii) institutional accredited investors within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (iii) an entity in which all of the equity investors are such institutional accredited investors. The opportunity to participate expires at 5:00 p.m., New York City time, on April 23, 2015. Eligible Holders can contact Kurtzman Carson Consultants by telephone at (917) 281-4800, or by e-mail at GTATInfo@kccllc.com, for more information.
The Company anticipates using the proceeds of the DIP Facility to fund working capital requirements, pay costs, fees and expenses incurred in connection with the DIP Loan Facility and the transactions contemplated thereby and pay other costs and expenses with respect to the administration of the Company's and certain of its subsidiaries' Chapter 11 cases.
GT Advanced Technologies