Asyst Technologies to call 5.75% convertibles

By Susanna Moon

Chicago, July 31 - Asyst Technologies, Inc. said it plans to redeem its outstanding $86.25 million 5.75% convertible subordinated notes due July 3, 2008.

The company is financing the redemption with proceeds from a new five-year $137.5 million multi-currency senior secured credit facility.

"These transactions significantly enhance Asyst's capital structure and financial flexibility," Michael A. Sicuro, chief financial officer of Asyst, said in a written statement. "The redemption of our outstanding convertible debt eliminates 5.7 million shares of potential dilution and simplifies our balance sheet."

Asyst is a Fremont, Calif.-based developer, manufacturer and marketer of mini-environment systems for contamination control, material tracking products and factory automation solutions.

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