SkyWater Technology, a technology realization partner, executed an amendment to its loan and security agreement with Siena Lending Group and GRC SPV Investments. The amended agreement extends the revolving loan commitment’s maturity date and increases the company’s borrowing capacity.
As amended, the revolving loan commitment has been extended to Dec. 31, 2028, and the capacity has been increased from $100 million to $130 million, with an additional $30 million available under an accordion feature, raising the potential availability to $160 million, subject to satisfaction of certain conditions, including the commitment of the participating lenders. The amended facility includes a new $25 million capital expenditure (capex) sublimit, enabling access to additional financing for eligible new equipment investments.
“We are pleased to strengthen our partnership with Siena Lending Group and GRC SPV Investments,” Steve Manko, chief financial officer of SkyWater, said. “The extended maturity and additional capacity reflect increased confidence in SkyWater’s financial performance and provide additional support for our strategic initiatives and future growth potential.”
The amendment also introduces enhanced flexibility for capex-related borrowings and includes a new definition of EBITDA, allowing for certain adjustments that better align with SkyWater’s operational objectives.
“This amendment underscores SkyWater’s commitment to maintaining a strong financial position while investing in innovative technologies to meet customer demand across growing markets,” Thomas Sonderman, CEO of SkyWater, said. “Our ability to secure favorable terms demonstrates the success of our financial strategy and our lenders’ confidence in our vision.”
The company intends to utilize the increased borrowing capacity to support ongoing capital investments, working capital and growth initiatives.
