Meyer Burger Group repays an amount of CHF 29.2 million of its syndicated credit that the company arranged in September 2009. The early partial repayment will take place on 30 June 2010. The company currently has cash and cash equivalents in an amount of approximately CHF 190 million and will finance 100% of the repayment from its cash position. As a result, this reduces financial expenses in its income statement by approximately CHF 300,000 for the current year, starting by mid-year 2010.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that it will execute an early repayment on part of its syndicated credit. Meyer Burger Group had arranged a syndicated line of credit in the amount of CHF 130 million to finance acquisitions and working capital in September 2009. About CHF 50 million of this credit facility to finance acquisitions has been drawn in the meantime. Considering the strong balance sheet structure and the amount of cash and cash equivalents of approx. CHF 190 million at end of May 2010, the Board of Directors and the Executive Board of Meyer Burger Group decided to repay CHF 29.2 million of the drawn credit at 30 June 2010. From July 2010 onwards, interest expenses in the income statement of Meyer Burger Group will be reduced by an amount of approx. CHF 300,000 for the current year due to this repayment. The remaining credit of USD 20 million (approx. CHF 23 million) as well as the remaining syndicated credit line to finance working capital of CHF 80 million continue to exist.
“Meyer Burger Group has a healthy balance sheet and a very comfortable amount of cash and cash equivalents at its disposal. This enables us to repay the credit drawn in September of last year to a large extent and earlier than planned. Our Group is in a financially strong position, generates attractive cash flows and commands a unique market and technology position in our industry”, says Peter Pauli, CEO of Meyer Burger Group.
Further information:
Werner Buchholz
Head of Corporate Communications
Tel +41 (0) 33 439 05 06
w.buchholz@meyerburger.ch
About Meyer Burger Technology Ltd
www.meyerburger.ch
Meyer Burger is a leading and globally active technology group for innovative systems and processes for
cutting and handling crystalline and other high-grade materials.
The machines, competences and technologies of the different companies within the group are used in the solar industry (photovoltaics), semiconductor and optical industry. The thinnest wafers made from silicon, sapphire or other crystals are required in these three markets to manufacture solar modules, switching circuits or high-performance LEDs. The group’s core competences are made up of a whole range of production processes, machines and systems that are used within the value chain in the manufacture of high quality wafers. Since the merger in January 2010 with 3S Industries Ltd, the worldwide leader in turnkey production lines and single equipment for the manufacturing of solar modules, the group also covers the entire value chain for solar module production and combines the key technologies of soldering, laminating and testing under one roof. Solar module manufacturers worldwide use the string soldering machines of Somont, the laminating lines of 3S Swiss Solar Systems and the testing technologies of Pasan, to produce solar modules whose performance, operating life and quality meet the highest demands. The group’s comprehensive range of products includes a worldwide service network with wear and tear parts, consumables, re-grooving services, process know-how, servicing, after-sales service, training and other services. As a globally active company, the group is represented in Europe, Asia and North America in the respective key markets.
Meyer Burger has its headquarters and the production facility of Meyer Burger Ltd in Switzerland, while the group companies, Meyer Burger Automation GmbH, Hennecke Systems GmbH and AMB Apparate + Maschinenbau GmbH have their headquarters and production facilities in Germany. Diamond Materials Tech, Inc., has its headquarters in Colorado Springs, CO, USA. The production facilities of 3S Swiss Solar Systems and Pasan are also located in Switzerland, while Somont is located in Germany. Meyer Burger Group has also subsidiaries and own service centres in Germany, Norway, Spain, USA, China, Japan, Singapore, South Korea and Taiwan. In other important markets, the company relies on selected independent agents. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN).
THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR, EXCHANGE OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF MEYER BURGER TECHNOLOGY LTD HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.
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