News: Microelectronics
29 September 2022
Sivers Semiconductors enters into SEK100m loan agreement
Sivers Semiconductors AB of Kista, Sweden (which supplies chips and integrated modules) has entered into a loan facility agreement of up to SEK100m, of which SEK50m is paid out in October.
The loan facility will be used to strengthen the firm’s liquidity reserve and for general corporate purposes, which may include working capital and investments to promote continued organic growth. Outstanding amounts under the loan facility is due for payment 29 September 2023 and carries a monthly interest rate of 1%. The company has the right to repay the loan early at any time.
“With this loan facility, we now see opportunities to continue building the company in major growth areas that we presented at the capital market day this week, such as satellite communications and silicon photonics,” says president & CEO Anders Storm. “With a strengthened liquidity reserve, we can now actively address these very interesting markets, where there is a total addressable market of approximately SEK10bn over the next seven years.”
Lenders are Modelio Equity AB and Exelity AB. As of end-March 2023, and up to two weeks before the due date, the lenders have the right to call for a new issue of shares with payment in the form of an offset against outstanding loans under the loan facility together with accrued interest. The subscription price in such an offset issue will correspond to 90% of the average volume-weighted price paid for Sivers' shares during the 15 trading days immediately preceding the call date.
