Veeco Announces New $150 Million Senior Secured Credit Facility

PLAINVIEW, N.Y., Dec. 16, 2021 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (“Veeco”) (NASDAQ: VECO) today announced that it has entered into a senior secured revolving credit facility (the “Facility”). The Facility enables the company to borrow up to $150 million over a 5-year term which expires in December of 2026.

“We are pleased to secure a $150 million facility at attractive interest rates,” commented John Kiernan, Veeco’s Chief Financial Officer. “The Facility provides the company with enhanced liquidity and financial flexibility to carry out our corporate objectives.”

The company has no immediate plans to draw down on the Facility. Interest expense under the Facility is variable based on the company’s secured net leverage ratio and is expected to bear interest based on SOFR plus a range of 150 to 225 basis points, if drawn. There is a yearly commitment fee of 25 to 35 basis points, based on the company’s secured net leverage ratio, charged on the unused portion of the Facility.

HSBC Bank USA, N.A. is acting as administrative agent and collateral agent. HSBC Bank, N.A. along with, Barclays Bank PLC, Santander Bank, N.A., and Citibank, N.A. served as joint lead arranger and joint bookrunner on the Facility with Silicon Valley Bank as an additional lender.

Morrison & Foerster LLP acted as counsel to Veeco.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our proven ion beam, laser annealing, lithography, MOCVD and single wafer etch & clean technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Veeco Contacts:

Investors:           Anthony Bencivenga      (516) 252-1438              abencivenga@veeco.com

Media:  Kevin Long         (516) 714-3978  klong@veeco.com