Silicon Storage plans new debt financing for acquisition by Prophet

By Sara Rosenberg

New York, Nov. 13 - Silicon Storage Technology Inc. has received a debt financing commitment to help fund its buyout by Technology Resource Holdings Inc., a Prophet Equity LP-controlled entity, and management, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Other funds for the buyout will come from equity.

Prophet Equity is purchasing the company for $2.10 per share, except for shares held by Bing Yeh, the company's chairman and chief executive officer, and Yaw Wen Hu, its executive vice president and chief operating officer, and members of the board of directors, who have agreed to exchange all of their shares for shares of capital stock of the resulting privately held company.

Closing is expected to take place in the second quarter of 2010, subject to regulatory approvals and stockholder approval.

Silicon Storage is a Sunnyvale, Calif.-based designer, manufacturer and marketer of memory and non-memory products for high-volume applications in the digital consumer, networking, wireless communications and internet computing markets.

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