SunEdison Semiconductor closes $200 million of five-year term loans

By Susanna Moon

Chicago, Dec. 5 – SunEdison Semiconductor Ltd.’s wholly owned subsidiary SunEdison Semiconductor BV obtained $200 million of five-year term loans on Friday.

The loan was in connection with the acquisition of the company by GlobalWafers Co., Ltd., according to an 8-K filing with the Securities and Exchange Commission.

The borrower will repay the loans in nine installments with the first due 12 months after the initial borrowing date and the final installment due in five years.

The facility will be guaranteed by GlobalWafers initially and then guaranteed by the company and some of the company’s subsidiaries on a post-close basis as well as by material assets.

On Monday, the company also repaid its facility dated May 27, 2014 with Goldman Sachs Bank USA as administrative agent, lead arranger and syndication agent, Macquarie Capital (USA) Inc. and Citibank, NA.

At the same time, the company also repaid the term loans of MEMC Korea Co., a wholly owned subsidiary, with Shinhan Bank, Hana Bank and Korea Development Bank.

As announced Aug. 17, GlobalWafers secured committed financing from the Bank of Taiwan, Hua Nan Commercial Bank, Mega International Bank, Taipei Fubon Bank and Taishin International Bank for its acquisition of SunEdison.

GlobalWafers planned to use the financing and cash on hand to acquire SunEdison for $683 million and to repay SunEdison’s debt facilities.

GlobalWafers and SunEdison Semiconductor are silicon wafer manufacturers based in Hsinchu, Taiwan, and St. Peters, Mo., respectively.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.