JPMorgan Agents Term Loan to Support Orbotech Acquisition
Orbotech announced it has successfully closed the previously-announced acquisition of SPTS Technologies Group, in a strategic move into the high growth areas of advanced packaging and micro-electro-mechanical systems.
Orbotech said it financed the acquisition using the proceeds of a new $300 million senior secured term loan facility and approximately $90 million cash on hand. The total consideration was $371 million.
According to a related 8-K filing, JPMorgan Chase acted as administrative agent for a syndicate of lenders that provided $300 million in senior secured term loans to finance the transaction.
“We are commencing our relationship with SPTS with great enthusiasm and anticipation” said Mr. Asher Levy, CEO of Orbotech Ltd. “We look forward to working with the outstanding SPTS team and combining the extensive know-how and core assets of both companies in order to further enhance Orbotech’s portfolio and industry leadership.”