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GT Advanced Technologies DIP facility solicitation extended to June 10
By Kali Hays
New York, June 3 – GT Advanced Technologies Inc. announced a fourth extension of the solicitation period in connection with its proposed debtor-in-possession term loan facility, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Specifically, the solicitation period is now scheduled to expire at 5 p.m. ET on June 10.
As previously reported, the solicitation process is being conducted in connection with a commitment letter between the company and some convertible noteholders.
The U.S. Bankruptcy Court for the District of New Hampshire approved the solicitation process on April 2.
On April 29, GT Advanced and the backstop lenders entered into a second amendment to the commitment letter under which the backstop lenders agreed to an extension of their commitment to provide the DIP loan facility to an outside date of June 15.
GT Advanced said it expects the DIP facility to provide loans in an initial principal amount of $95 million. The facility will also permit a letter-of-credit facility providing for the issuance of letters of credit with the total face amounts outstanding not to exceed $15 million.
The opportunity to participate in the DIP facility is limited to those holders of GT’s convertible notes as of March 13 that are qualified institutional buyers, institutional accredited investors or an entity in which all of the equity investors are institutional accredited investors.
Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 under Chapter 11 case number 14-11916.
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