All amounts are expressed in U.S. dollars.
MONTREAL, June 16, 2022 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) ("5N Plus" or the "Company"), a leading global producer of specialty semiconductors and performance materials, today announced the renewal of its US$124 million senior secured multi-currency revolving syndicated credit facility. Subject to lenders' approval, 5N Plus can opt to increase its credit facility to $154 million through a $30 million accordion feature.
"In late 2021, supported by our senior lending partners, we completed the acquisition of Germany-based AZUR SPACE GmbH, significantly strengthening our specialty semiconductor value chain and competitive capabilities in a critical sector, thereby also expanding our addressable market. Today, 5N Plus has a growing and resilient business with a greater proportion of revenues driven by value-added products and promising end markets. We are pleased to have the continued support of leading financial institutions to fund our operations and growth initiatives as we pursue our growth trajectory," said Mr. Perron, Chief Financial Officer of 5N Plus.
The new credit facility has a four-year term, bearing interest and a margin based on the Company's senior consolidated debt to EBITDA1 ratio. HSBC Bank Canada acted as sole lead arranger, sole bookrunner and administrative agent for the syndicate of five lenders participating in the credit facility.
Certain statements in this press release may be forward-looking within the meaning of applicable securities laws. Forward-looking information and statements are based on the best estimates available to 5N Plus at the time and involve known and unknown risks, uncertainties or other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward–looking statements. A description of the risks affecting 5N Plus 'business and activities appears under the heading "Risk and Uncertainties" of 5N Plus annual MD&A dated February 22, 2022, Q1 MD&A dated May 4, 2022, and note 11 of the unaudited condensed interim consolidated financial statements for the three-month periods ended March 31, 2022 and March 31, 2021 available on www.sedar.com.
Forward–looking statements can generally be identified by the use of terms such as "may", "should", "would", "believe", "expect", the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward–looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward–looking information contained in this press release is made as of the date hereof and 5N Plus has no obligation to publicly update such forward–looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward–looking statements.
5N Plus is a leading global producer of specialty semiconductors and performance materials. The Company's ultra-pure materials often form the core element of its customers' products. These customers rely on 5N Plus's products to enable performance and sustainability in their own products. 5N Plus deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company's products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Québec, 5N Plus operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.
EBITDA means net earnings before interest expenses, income taxes, depreciation and amortization. 5N Plus uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
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1 See Non-IFRS Measures
SOURCE 5N Plus Inc.
Richard Perron, Chief Financial Officer, 5N Plus Inc., (514) 856-0644, [email protected]
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