SkyWater Technology Enhances Financial Flexibility with Amended Loan and Security Agreement
SkyWater Technology (NASDAQ: SKYT) has amended its Loan and Security Agreement with Siena Lending Group and GRC SPV Investments, The amendment extends the revolving loan commitment to December 31, 2028 and increases borrowing capacity from $100 million to $130 million, with an additional $30 million available under an accordion feature. The facility includes a new $25 million capital expenditure sublimit for eligible equipment investments. The amendment also introduces enhanced flexibility for CapEx-related borrowings and includes a revised EBITDA definition. The company plans to use the increased capacity for capital investments, working capital, and growth initiatives.
SkyWater Technology (NASDAQ: SKYT) ha modificato il suo Contratto di Prestito e Garanzia con il Siena Lending Group e GRC SPV Investments. La modifica estende l'impegno di prestito revolving fino al 31 dicembre 2028 e aumenta la capacità di prestito da 100 milioni di dollari a 130 milioni di dollari, con ulteriori 30 milioni di dollari disponibili attraverso una funzionalità accordion. La struttura prevede un nuovo sublimite di spesa per investimenti di 25 milioni di dollari per investimenti in attrezzature idonee. La modifica introduce anche maggiore flessibilità per i prestiti relativi al CapEx e include una definizione rivista dell'EBITDA. L'azienda intende utilizzare la capacità aumentata per investimenti di capitale, capitale circolante e iniziative di crescita.
SkyWater Technology (NASDAQ: SKYT) ha modificado su Acuerdo de Préstamo y Garantía con el Siena Lending Group y GRC SPV Investments. La modificación extiende el compromiso de préstamo rotativo hasta el 31 de diciembre de 2028 y aumenta la capacidad de préstamo de 100 millones de dólares a 130 millones de dólares, con 30 millones de dólares adicionales disponibles bajo una característica de acordeón. La instalación incluye un nuevo sublímite de gasto de capital de 25 millones de dólares para inversiones en equipos elegibles. La modificación también introduce una mayor flexibilidad para los préstamos relacionados con CapEx e incluye una definición revisada de EBITDA. La empresa planea utilizar la capacidad aumentada para inversiones en capital, capital de trabajo e iniciativas de crecimiento.
SkyWater Technology (NASDAQ: SKYT)는 Siena Lending Group 및 GRC SPV Investments와의 대출 및 보안 계약을 수정했습니다. 수정 사항은 회전 대출 약정을 2028년 12월 31일까지 연장하고 대출 능력을 1억 달러에서 1억 3천만 달러로 증가시키며, 추가로 3천만 달러가 아코디언 기능에 따라 이용 가능합니다. 이 시설은 자격을 갖춘 장비 투자에 대한 2천 5백만 달러의 자본 지출 하한선을 포함하고 있습니다. 수정 사항은 또한 CapEx 관련 대출에 대한 유연성을 개선하고 EBITDA 정의를 개정했습니다. 회사는 증가된 용량을 자본 투자, 운영 자본 및 성장 이니셔티브에 사용할 계획입니다.
SkyWater Technology (NASDAQ: SKYT) a modifié son Contrat de Prêt et de Sécurité avec le Siena Lending Group et GRC SPV Investments. L'amendement prolonge l'engagement de prêt revolving jusqu'au 31 décembre 2028 et augmente la capacité d'emprunt de 100 millions de dollars à 130 millions de dollars, avec 30 millions de dollars supplémentaires disponibles dans le cadre d'une fonctionnalité accordion. L'installation comprend un nouveau sublimite de dépenses d'investissement de 25 millions de dollars pour les investissements en matériel éligibles. L'amendement introduit également une flexibilité accrue pour les emprunts liés aux dépenses d'investissement et inclut une définition révisée de l'EBITDA. L'entreprise prévoit d'utiliser cette capacité accrue pour des investissements en capital, du fonds de roulement et des initiatives de croissance.
SkyWater Technology (NASDAQ: SKYT) hat seine Kredit- und Sicherungsvereinbarung mit der Siena Lending Group und GRC SPV Investments geändert. Die Änderung verlängert das revolvierende Kreditengagement bis zum 31. Dezember 2028 und erhöht die Kreditaufnahme von 100 Millionen Dollar auf 130 Millionen Dollar, wobei zusätzlich 30 Millionen Dollar über eine Accordion-Funktion verfügbar sind. Die Einrichtung umfasst einen neuen 25 Millionen Dollar Ausgabenunterrahmen für zulässige Investitionen in Ausrüstung. Die Änderung führt auch eine verbesserte Flexibilität für CapEx-bezogene Kredite ein und enthält eine überarbeitete EBITDA-Definition. Das Unternehmen plant, die erhöhte Kapazität für Investitionen in Kapital, Betriebskapital und Wachstumsinitiativen zu nutzen.
- Increased borrowing capacity from $100M to $130M with potential for $160M
- Extended loan maturity to December 2028
- New $25M CapEx sublimit for equipment investments
- Enhanced flexibility for CapEx-related borrowings
- Increased debt capacity may lead to higher leverage
Insights
The loan amendment significantly strengthens SkyWater's financial position and operational flexibility. The 30% increase in revolving loan capacity from
The revised EBITDA definition and enhanced borrowing flexibility indicate lender confidence in SkyWater's business model and growth trajectory. For a company with a
As amended, the revolving loan commitment has been extended to December 31, 2028, and the capacity has been increased from
"We are pleased to strengthen our partnership with Siena Lending Group and GRC SPV Investments," said SkyWater Chief Financial Officer, Steve Manko. "The extended maturity and additional capacity reflect increased confidence in SkyWater’s financial performance and provide additional support for our strategic initiatives and future growth potential.”
The amendment also introduces enhanced flexibility for CapEx-related borrowings and includes a new definition of EBITDA, allowing for certain adjustments that better align with SkyWater’s operational objectives.
“This amendment underscores SkyWater's commitment to maintaining a strong financial position while investing in innovative technologies to meet customer demand across growing markets,” commented SkyWater CEO, Thomas Sonderman. “Our ability to secure favorable terms demonstrates the success of our financial strategy and our lenders’ confidence in our vision.”
The Company intends to utilize the increased borrowing capacity to support ongoing capital investments, working capital, and growth initiatives as it continues to drive innovation in high-demand markets such as aerospace and defense, advanced compute, and biomedical industries.
About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of products and services, its anticipated cash runway and its financial guidance for the full year 2024. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth profitably and retain its key employees; the Company’s ongoing leadership transitions; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future; the potential attributes and benefits of the Company’s commercialized Platinum® protein sequencing instrument and kits and the Company’s other products once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
SKYT-CORP
View source version on businesswire.com: https://www.businesswire.com/news/home/20241125536085/en/
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | media@skywatertechnology.com
Source: SkyWater Technology
FAQ
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