Siena Lending Group, a provider of asset-based lending solutions, closed a new $350 million senior secured credit facility for SkyWater Technology.
The credit facility, agented by Siena, has been used to support SkyWater in the acquisition of a semiconductor fabrication facility in Austin from Infineon Technologies.
The new facility will also be used for working capital and capital expenditures and consists of a revolving line of credit secured by all assets of the business. Siena acted as the sole left lead arranger in the transaction and alongside funds managed by its partner, Benefit Street Partners, committed $212.5 million. In addition to Siena, the syndicate consists of Great Rock Capital and Ares Commercial Finance.
“Siena has been a partner since 2022, providing liquidity and flexibility in support of SkyWater’s organic growth and now for the acquisition of Fab 25,” Steve Manko, chief financial officer at SkyWater, said. “Siena has a deep understanding of our business and has tailored financial solutions that continue to meet our business objectives. Their continued partnership is appreciated as SkyWater embarks on this next phase of strategic growth.”
“We are proud to support the growth of SkyWater and U.S. semiconductor innovation through this new financing. Backing domestic technology leaders is not only a prudent investment—it’s a commitment to strengthening American industry and global competitiveness,” Nick Payne, senior managing director at Siena Lending Group, said. “This partnership reflects our ability to tailor capital solutions to our borrowers’ unique needs and in turn, fostering long-term growth in strategic industries.”
