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GTAT > SEC Filings for GTAT > Form 8-K on 17-Nov-2011All Recent SEC Filings

Show all filings for GT ADVANCED TECHNOLOGIES INC.

Form 8-K for GT ADVANCED TECHNOLOGIES INC.


17-Nov-2011

Termination of a Material Definitive Agreement


Item 1.02. Termination of a Material Definitive Agreement.

Credit Facility

On November 15, 2011, GT Advanced Technologies Inc. (the "Company ") provided an irrevocable notice terminating its credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent ("Credit Suisse") and the lenders from time to time party thereto (the "Credit Agreement"). The Credit Agreement consisted of a term loan facility (the "Term Facility") in an aggregate principal amount of $125.0 million with a final maturity date of December 13, 2013 and a revolving credit facility (the "Revolving Facility") in an aggregate principal amount of $75.0 million with a final maturity date of December 13, 2013. The termination will be effective on November 18, 2011. As of November 15, 2011, the Company had no outstanding borrowings and approximately $64 million of outstanding stand-by letters of credit under the Credit Facility. The Company will deposit such amount in an account(s) with Bank of America to cash-collateralize the standby letters of credit under the Credit Facility outstanding immediately prior to termination.

Simultaneously with the termination of the Credit Agreement, the Company will terminate the Guarantee and Collateral Agreement (the "Guarantee and Collateral Agreement") between the Company and the other parties thereto. Pursuant to the Guarantee and Collateral Agreement, the obligations of the Company under the Credit Agreement were guaranteed by certain of the Company's subsidiaries and secured by certain assets of the Company.


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