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GT Advanced launches solicitation of noteholder DIP loan participation
By Caroline Salls
Pittsburgh, July 9 – GT Advanced Technologies Inc. launched a process to solicit participation in a proposed debtor-in-possession term loan facility by eligible holders of the company’s previously issued convertible notes, according to a Thursday news release.
GT Advanced said the opportunity to participate in the DIP loan facility is limited to those holders of the 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.
The opportunity to participate expires at 5 p.m. ET on July 17.
GT Advanced said the solicitation process is being conducted in connection with an amended and restated commitment letter, dated July 2, between the company and some of the convertible noteholders. The company was granted approval to undertake the solicitation process under an April 2 order of the U.S. Bankruptcy Court for the District of New Hampshire.
According to the release, the facility is expected to provide for loans in an initial principal amount of $95 million, as well as a facility providing for the issuance of up to $15 million in letters of credit.
The company said it expects to use the proceeds of the DIP facility to fund working capital requirements, pay costs, fees and expenses incurred in connection with the facility and pay other costs and expenses related to the administration of GT Advanced and some of its subsidiaries’ Chapter 11 cases.
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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