The redemption date of the bonds is Wednesday March 31, 2021. The last trading day of the RoodMicrotec bonds on the NPEX will be Tuesday March 30, 2021.
The refinancing comprises the following key elements of the new loan:
• A loan of EUR 2.6 million with a duration of 36 months has been granted to RoodMicrotec N.V. The loan has a 4.75% p/a interest that shall be paid quarterly.
• The loan is unsecured, provided that in the event of a default the lenders (other than the management) may require RoodMicrotec N.V. to grant a first ranking right of mortgage on property of RoodMicrotec GmbH in Nördlingen; and a first ranking right of pledge on other fixed assets of RoodMicrotec GmbH, located in Nördlingen and Stuttgart.
• RoodMicrotec N.V. will grant a total number of 7,485,000 non-listed 5-year warrants to the lenders (except the management). Each warrant shall entitle the relevant lender or subsequent holder of the warrants to subscribe for one ordinary share in the capital of the Company at a subscription price of EUR 0.15, to be paid in cash upon exercise. Of the warrants issued, 1/3 shall be issued on a non-conditional basis with a vesting period of 1 year, 1/3 shall be issued conditional upon the amount of the secured loan that shall be outstanding on the first anniversary of completion and 1/3 shall be issued conditional upon the amount of the secured loan that shall be outstanding on the second anniversary of completion. As no warrants shall be granted to the management, they shall be entitled to 6.75% p/a interest on the loan.
“The completion of the new financing enables us as Board of Management to focus on the future business growth of RoodMicrotec. It also provides a solid base for the next three years in which we plan to continue to develop our services to meet the increasing demands from our customers, especially given the current challenging climate in the semiconductor industry.” says Martin Sallenhag, CEO of RoodMicrotec N.V. “I would like to express our sincere gratitude to the long time investors that have shown a great deal of confidence in the future direction of RoodMicrotec, as well as to the current bond-holders that have supported us since 2014 by participating in the secured bond loan.”
This press release contains a number of forward-looking statements. These statements are based on current expectations, estimates and prognoses of the Board of Management and on the information currently available to the Company. The statements are subject to certain risks and uncertainties which are hard to evaluate, such as the general economic conditions, interest rates, exchange rates and amendments to statutory laws and regulations. The Board of Management of RoodMicrotec cannot guarantee that its expectations will materialize. Furthermore, RoodMicrotec does not accept any obligation to update the statements made in this press release.
RoodMicrotec is a leading independent company for semiconductor supply and quality services. With more than 50 years of experience in the semiconductor and electronics industry, RoodMicrotec is well-established as a highly valued partner for many companies worldwide. The Company provides full-turnkey ASIC services for complex microchips that are customized to handle specific applications for individual customers. In cooperation with strong partners, RoodMicrotec manages the entire development and production flow of ASICs in the target volume, ranging from low quantities up to multiple millions per year. The turnkey solution includes project management, wafer test, assembly, final test, qualification, failure analysis and logistics. All services comply with the industrial and quality requirements of the high reliability, aerospace, automotive, healthcare and industrial sectors. RoodMicrotec’s headquarter is located in Deventer, Netherlands, with operational units in Nördlingen and Stuttgart, Germany.
For more information visit https://www.roodmicrotec.com
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