News: Suppliers
16 May 2025
Veeco announces private exchanges and cancels remaining 3.75% convertible notes due 2027
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has completed separate exchange transactions pursuant to privately negotiated exchange agreements with the holders of all of its outstanding 3.75% convertible senior notes due 2027.
“Veeco has strengthened our balance sheet by proactively addressing our 2027 notes following the settlement of our 2025 notes at maturity in January,” says chief financial officer John Kiernan. “These transactions provide greater financial flexibility, in addition to reducing our ongoing interest expense and outstanding debt.”
Prior to the exchanges, the 2027 notes had an aggregate principal amount of $25m, representing about 1.8 million underlying shares of Veeco’s common stock based on the conversion ratio of 71.5372 shares per $1000 of the 2027 notes. In accordance with the terms of the exchanges, the firm exchanged the 2027 notes for about 1.6 million newly issued shares of its common stock and about $5.4m in cash, inclusive of accrued and unpaid interest.
The exchanges were made pursuant to an exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended. ICR Capital LLC acted as financial advisor.
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