SVB Closes Mattson Technology $25 Million Revolver
Mattson Technology, a supplier of advanced process equipment used to manufacture semiconductors, announced that it entered into a three-year revolving credit facility for $25 million with Silicon Valley Bank. Upon closing, the company borrowed $10 million under this facility with an annual interest rate of 4.75%.
Availability under the credit facility is based on the achievement of certain quarterly EBITDA levels and on a borrowing base formula consisting of the sum of eligible accounts receivable, advance billings and inventory.
Borrowings under the credit facility will bear interest at a variable rate based on, at the company’s option, either (i) alternate base rate (ABR) plus an applicable margin between 0.25% to 1.5% per annum or (ii) the eurodollar rate plus an applicable margin between 3.25% to 4.5% per annum. The agreement is guaranteed by Mattson International, a wholly-owned subsidiary of the company, and is secured by substantially all of the company’s and Mattson International’s assets.
“With this credit facility we are well positioned to take advantage of the next ramp in business and it provides the Company flexibility to continue to invest as business demand grows,” said J. Michael Dodson, chief operating officer and chief financial officer of Mattson Technology.
Mattson Technology designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits.