Bloomington, Minnesota –(Business Wire) — SkyWater Technology (NASDAQ: SKYT), a trusted technology enablement partner, today announced the signing of a new $100 million three-year senior secured revolving credit facility to expand the company’s available borrowing capacity. The new credit facility includes an accordion feature that allows companies to increase the loan size by up to $30 million under certain conditions, for a total potential borrowing capacity of up to $130 million. The loan was jointly arranged by Siena Lending Group LLC (“Siena”), a leading asset lender, and Great Rock Capital (“Great Rock”). Concurrent with the closure of the new facility, SkyWater terminated its existing senior credit facility with Wells Fargo.
SkyWater expects to use the new line of credit for general corporate purposes, which may include working capital or to support internal growth initiatives. “We are very pleased with the completion of this debt financing and our new partnership with Siena and Great Rock. The financing provides us with increased financial flexibility and liquidity which we believe will allow SkyWater to continue to grow .This new, larger financing is a reflection of SkyWater’s Chief Financial Officer Steve Manko (Steve Manko) said: “We have been successful in the past year as we strengthened our credit profile. ”
“We welcome Siena and Great Rock as our new lending partners. Working closely together, we were able to restructure the credit facility according to our specific strategy and objectives. Obtaining additional financing adds to SkyWater’s other capital strategy and we believe it Strengthens our ability to support our continued rapid growth,” commented SkyWater President and CEO Thomas Sonderman.
Siena Lending Group LLC acted as Revolver Agent for the facility. Cowen and Company, LLC acted as exclusive financing advisor to SkyWater. Ballard Spahr LLP acted as legal counsel to the company.
About Tianshui Technology
SkyWater (NASDAQ: SKYT) is a US-owned semiconductor manufacturer and a Class 1A Trusted Foundry accredited by the DMEA. SkyWater’s Technology-as-a-Servicesmith Model simplifies the production path for customers through development services, mass production and heterogeneous integration solutions in its world-class US facilities. This pioneering model enables innovators to co-create the next wave of technologies across categories including mixed-signal CMOS, ROIC, rad-hard IC, power management, MEMS, superconducting IC, photonics, carbon nanotubes and interposers . SkyWater serves growing markets including aerospace and defense, automotive, biomedical, cloud computing and computing, consumer, industrial and IoT. For more information, please visit: www.skywatertechnology.com.
SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company’s current expectations or projections of future events rather than the past, events and results, and such statements are not guarantees of future Performance. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the expected use of the offering and proceeds. In some cases, you can identify forward-looking statements by words such as “intends,” “estimates,” “forecasts,” “potential,” “continues,” “anticipates,” “plans,” “anticipates,” “believes” Statements, “should,” “could,” “may,” “will,” “aim,” “project,” “seek” or the negative of these terms or other similar terms.
Forward-looking statements are subject to risks, uncertainties and assumptions that could cause the company’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements difference. Key factors that could cause the Company’s actual results to differ from expectations or expectations include, but are not limited to: our objectives and strategy; our future business development, financial condition and operating results; our ability to continue to operate our sole semiconductor foundry at full capacity; Our ability to respond appropriately to changing technologies in a timely and cost-effective manner; our client relationships and our ability to maintain and expand client relationships; our ability to accurately forecast future revenue to appropriately budget and adjust expenditures; our diversification of our client base and ability to develop relationships in new markets; our expectations for relying on our largest customers; the performance and reliability of our third-party suppliers and manufacturers; our ability to source tools, materials and chemicals amid industry-wide supply chain shortages our ability to control costs, including our operating and capital expenditures; the size and growth potential of our solutions markets and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; Our ability to attract, train and retain key talent in a competitive labor market; Unfavorable litigation judgments, settlements or other litigation-related costs; Changes in trade policy, including the imposition of tariffs; Our ability to raise additional capital or financing; Our ability to accurately forecast demand changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, economic recession or intensification of international hostilities; the impact of the coronavirus 2019 or COVID-19 pandemic on our business, operations performance and financial condition and the impact on our customers, suppliers and employees; the impact of the COVID-19 pandemic on the global economy; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contract requirements; and foreign regulatory developments; our ability to protect our intellectual property rights; our ability to obtain additional capital and financing for our operations, as well as potential dilution and other effects on holders of our common stock; our response to the closing and proceeds of this offering Expectations of use; the “Risk Factors” section of SkyWater’s Annual Report on Form 10-K filed with the SEC on March 10, 2022 and other reports that SkyWater has filed with the SEC from time to time Factor SEC, available at http://www.sec.gov. The company undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.