VLD - Velo3D launches senior notes offering; shares fall
2023-08-10 17:03:10 ET
-
Velo3D ( NYSE: VLD ) said Thursday it plans to offer up to $105 million in senior secured convertible notes via a registered direct offering to certain investors.
-
The company expects to issue $70 million in notes at the initial closing of the offering on or about August 14, 2023.
-
The company has also granted the investors the right to purchase up to $35 million in additional notes.
-
The net proceeds from the initial closing will be about $66 million, out of which about $22 million will be used to repay outstanding indebtedness under its existing credit facility with Silicon Valley Bank.
-
The remaining net proceeds from the initial closing will be used for working capital, capital expenditures, and general corporate purposes.
-
Credit Suisse Securities ( USA ) LLC is acting as the sole placement agent for the offering.
-
Shares -15.9% at $1.53 after hours.
For further details see:
Velo3D launches senior notes offering; shares fall