Veeco Announces New $ 150 Million Senior Secured Credit Facility

PLAINVIEW, NY, December 16, 2021 (GLOBE NEWSWIRE) – Veeco Instruments Inc. (“Veeco”) (NASDAQ: VECO) today announced that it has entered into a senior secured revolving credit facility (the “Facility”). The facility allows the company to borrow up to $ 150 million over a 5-year term expiring in December 2026.

“We are delighted to secure a $ 150 million facility at attractive interest rates,” commented John Kiernan, Chief Financial Officer of Veeco. “The facility provides the Company with improved liquidity and financial flexibility to achieve our business objectives. “

The company does not intend to tap into the ease immediately. Interest expense under the Facility is variable based on the Company’s guaranteed net financial leverage ratio and is expected to bear interest on a SOFR basis plus a range of 150 to 225 basis points, if applicable. There is an annual commitment fee of 25 to 35 basis points, based on the guaranteed net leverage ratio of the company, charged on the unused portion of the Facility.

HSBC Bank USA, NA acts as administrative agent and guarantee agent. HSBC Bank, NA, as well as Barclays Bank PLC, Santander Bank, NA and Citibank, NA acted as principal arranger and associate bookrunner on the Facility with Silicon Valley Bank as additional lender.

Morrison & Foerster LLP acted as counsel to Veeco.

About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor processing equipment. Our proven ion beam, laser annealing, lithography, MOCVD, and unique wafer etching and cleaning technologies play a critical role in the manufacturing and packaging of advanced semiconductor devices. With equipment designed to optimize performance, efficiency and cost of ownership, Veeco holds leading technological positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit

Forward-looking statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, as amended, which are based on the expectations, estimates, projections and assumptions of management. Words such as “expects”, “anticipates”, “plans”, “believes”, “expected”, “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, without limitation, those relating to the Facility and Veeco’s plans for borrowing under the Facility. These statements and their underlying assumptions are subject to risks and uncertainties and do not constitute guarantees of future performance. Factors which could cause actual results to differ materially from those expressed or implied by such statements include, but are not limited to: the level of demand for our products; global economic and industrial conditions; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the operations of the Company and those of our customers and suppliers; global trade issues, including ongoing trade disputes between the United States and China, and changes in trade and export licensing policies; our reliance on third party vendors and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase our market share and develop new markets; the concentrated nature of our clientele; our ability to obtain and protect intellectual property rights in key technologies; our ability to meet the objectives of operational and strategic initiatives and to attract, motivate and retain key employees; variability in results between products and end markets, and our ability to accurately forecast future results, market conditions and customer requirements; the impact of our indebtedness, including our senior convertible bonds and our capped purchase transactions; and other risks and uncertainties described in our SEC documents on Forms 10-K, 10-Q and 8-K, and from time to time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced here or incorporated by reference, the date of this document. The Company assumes no obligation to publicly update or revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

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