VEECO INSTRUMENTS INC (VECO): debt financing — Veeco closes $230M 2.875% convertible notes due 2029; exchanges existing notes

VEECO INSTRUMENTS INC

Priced $205M notes plus $25M greenshoe fully exercised; net proceeds of ~$223.3M.
Used ~$198.8M to exchange $106M of 2025 notes (cash + 0.7M shares) and $100M of 2027 notes (cash + 3.8M shares).
Initial conversion price $29.22 per share, ~30% premium to $22.48 closing price on May 16, 2023.
Notes mature June 1, 2029; coupon 2.875% vs prior 3.50% (2025) and 3.75% (2027).
Entered into First Amendment to Loan and Security Agreement to permit the offering and exchanges.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VEECO INSTRUMENTS INC incurred convertible notes of $230 million aggregate principal amount with U.S. Bank Trust Company, National Association at 2.875% per year maturing June 1, 2029.

Instrument: convertible notes
Principal: $230 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 2.875% per year
Maturity: June 1, 2029
Event: incurrence

Exact text from the filing

On May 19, 2023, the Company completed its private offering of $230 million aggregate principal amount of the Notes.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

VEECO INSTRUMENTS INC entered into Indenture with U.S. Bank Trust Company, National Association valued at $230 million aggregate principal amount of the Notes (effective 2023-05-19).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $230 million aggregate principal amount of the Notes
Effective: 2023-05-19

Exact text from the filing

the Company entered into an Indenture, dated May 19, 2023 (the “Indenture”), with U.S. Bank Trust Company, National Association, as trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VEECO INSTRUMENTS INC entered into 2.875% Convertible Senior Notes due 2029 with initial purchasers valued at $230 million aggregate principal amount of the Notes (effective 2023-05-19).

Action: entry
Agreement: notes offering
Counterparty: initial purchasers
Value: $230 million aggregate principal amount of the Notes
Effective: 2023-05-19

Exact text from the filing

riced its private offering of $205 million in aggregate principal amount of 2.875% Convertible Senior Notes due 2029 (the “Notes”). In addition, the Company granted the initial purchasers in the offering (the “Initial Purchasers”) a 30-day option to purchase

View on SEC.gov

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VEECO INSTRUMENTS INC filing history →

Source: SEC EDGAR

accession 0001104659-23-063141

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