Orbotech draws $110 million under new loan to repay JPMorgan facility

By Marisa Wong

Morgantown, W.Va., June 30 – Orbotech Ltd. said its indirect subsidiaries, SPTS Technologies Sapphire Ltd. and SPTS Technologies Ltd., completed the borrowing of $110 million under the facilities agreement with Barclays Bank plc and Lloyds Bank plc entered into on June 13.

The companies made the borrowings in connection with a series of capital market transactions that occurred between June 9 and June 15, according to a 6-K filing with the Securities and Exchange Commission.

As planned, the loan proceeds, together with the funds received from a sale of ordinary shares completed on June 15, were used to repay in full and terminate and retire the company’s credit agreement with JPMorgan Chase Bank, NA as administrative agent dated Aug. 7, 2014.

The company refinanced the JPMorgan credit agreement in less than two years and on favorable terms, the filing noted.

Orbotech is a Yavne, Israel-based provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components. The company has offices in Billerica, Mass., and San Jose, Calif.

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