2023-08-10 17:03:10 ET
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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.
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The company expects to issue $70 million in notes at the initial closing of the offering on or about August 14, 2023.
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The company has also granted the investors the right to purchase up to $35 million in additional notes.
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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.
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The remaining net proceeds from the initial closing will be used for working capital, capital expenditures, and general corporate purposes.
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Credit Suisse Securities ( USA ) LLC is acting as the sole placement agent for the offering.
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Shares -15.9% at $1.53 after hours.
For further details see:
Velo3D launches senior notes offering; shares fall