GT Advanced Technologies: Pricing of Convertible Senior Notes and Shares

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MERRIMACK, N.H. - GT Advanced Technologies Inc. announced the pricing of $190,000,000 aggregate principal amount of its 3.00% Convertible Senior Notes due 2020 (the "Notes") and 8,650,000 shares of its common stock at a price of $8.65 per share (the "Common Stock") in concurrent underwritten registered public offerings (collectively, the "Offerings"). The Company has granted the underwriters a 30-day option to purchase up to an additional $24,000,000 principal amount of Notes and 1,292,196 shares of Common Stock from the Company, respectively. The Offerings are subject to market and other conditions.

The Notes will mature on December 15, 2020, unless repurchased or converted in accordance with their terms prior to such date, and will bear interest at a rate of 3.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2014. The Notes will be convertible, under certain circumstances, into cash, shares of the Company's Common Stock, or a combination of both, at the Company's election, at an initial conversion rate of 82.5764 shares of the Company's Common Stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $12.11 per share of the Company's Common Stock. The Company will not have the right to redeem the Notes prior to maturity.

The Company estimates that the net proceeds of the Offerings will be approximately $254,000,000 (or approximately $288,000,000 if the underwriters' options to purchase additional Notes and shares of Common Stock are exercised in full), after deducting the underwriters' discounts and commissions and estimated offering expenses. The Company intends to use the remainder of the net proceeds of the Offerings for working capital and general corporate purposes, which may include the acquisition of companies or businesses and capital expenditures.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as joint book-running managers and Canaccord Genuity Inc. is acting as co-manager for the Offerings. The Company has filed a registration statement (including a base prospectus and related preliminary prospectus supplements) with the Securities and Exchange Commission, or SEC, for the Offerings. Before you invest, you should read the preliminary prospectus supplements, the accompanying prospectus and the other documents the issuer has filed with the SEC for more complete information about the Company and the Offerings. You may get these documents for free by visiting EDGAR on the SEC web site at Alternatively, the Company, the underwriters or any dealer participating in the Offerings will arrange to send you the preliminary prospectus supplements and the accompanying prospectus if you request them by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014, by calling (866) 718-1649 or by emailing [email protected], or from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526 or by emailing [email protected].

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets.

         GT Advanced Technologies
         Bob Blair, 914-552-1413
         [email protected]

Source: GT Advanced Technologies
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