VECO Veeco Instruments Inc.

Veeco Announces Proposed Private Offering of $200 Million of Convertible Senior Notes

Veeco Announces Proposed Private Offering of $200 Million of Convertible Senior Notes

PLAINVIEW, N.Y., May 16, 2023 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (“Veeco”) (NASDAQ: VECO) announced today that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of Convertible Senior Notes due 2029 (the “notes”) in a private offering. The notes will be offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Veeco also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $30.0 million aggregate principal amount of the notes.

Veeco intends to use the net proceeds from the offering to fund the cash portion, if any, of any Note Exchanges described below and the remainder, if any, for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, Veeco intends to use the net proceeds from the sale of such additional notes for general corporate purposes.

Contemporaneously with the pricing of the notes in the offering, Veeco expects to enter into one or more separate and individually negotiated transactions with one or more holders of its outstanding 3.50% convertible senior notes due 2025 (the “2025 Notes”) and/or 3.75% convertible senior notes due 2027 (the “2027 Notes” and, together with the 2025 Notes, the “Existing Notes”) to exchange a portion of the Existing Notes for cash, shares of Veeco’s common stock or a combination thereof on terms to be negotiated separately with each holder (each, a “Note Exchange”).

Veeco expects that holders of the Existing Notes that exchange their Existing Notes in any Note Exchange may enter into or unwind various derivatives with respect to Veeco’s common stock (including entering into derivatives with one or more of the initial purchasers in the offering of notes or their respective affiliates) and/or purchase or sell shares of Veeco’s common stock concurrently with or shortly after pricing of the notes in the offering. This activity could affect the market price of Veeco’s common stock and the initial conversion price of the notes in the offering. Veeco cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes in the offering or Veeco’s common stock.

The notes will be Veeco’s senior unsecured obligations. The notes will mature on June 1, 2029, unless earlier redeemed, repurchased or converted. Veeco may not redeem the notes prior to June 8, 2026. On or after June 8, 2026, Veeco may redeem for cash all or a portion of the notes, at Veeco’s election, if the last reported sale price of Veeco’s common stock has been at least 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Veeco provides notice of redemption. Veeco will settle any conversions of the notes by paying cash up to the aggregate principal amount of the notes to be converted, and paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of common stock, at Veeco’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes to be converted. The interest rate, initial conversion rate, and other terms of the notes will be determined by negotiations between Veeco and the initial purchasers of the notes.

The issuance of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act or any state securities laws. Unless a subsequent resale is registered under the Securities Act, the notes and the shares of common stock issuable upon conversion of the notes, if any, may only be offered or sold in the United States in a transaction that is exempt from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the notes will be made only to persons reasonably believed to be qualified institutional buyers by means of a private offering memorandum in accordance with Rule 144A under the Securities Act.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve.

Forward-looking Statements

To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the expected closing of the offering of the notes and Veeco’s ability to effect any Note Exchanges with some or all of the net proceeds of the offering, the potential impact of any Note Exchanges and other risks discussed in the Risk Factors, Business Description and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2022, in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of Veeco's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and in Veeco's Current Reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Veeco Contacts:

Investors: Anthony Pappone | (516) 500-8798 |

Media: Kevin Long | (516) 714-3978 |



EN
16/05/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Veeco Instruments Inc.

 PRESS RELEASE

Veeco Releases Sustainability Report Highlighting Progress and Dedica...

Veeco Releases Sustainability Report Highlighting Progress and Dedication to ESG Goals PLAINVIEW, N.Y., March 20, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today released its fifth Sustainability Report highlighting the Company’s progress towards environmental, social, and governance (ESG) initiatives. This Sustainability Report, reflecting 2023 data, demonstrates the Company’s continued progress and commitment to executing a robust sustainability strategy. “Our commitment to environment, society, and governance initiatives is as strong as ever and I am gratef...

 PRESS RELEASE

Veeco Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Veeco Reports Fourth Quarter and Fiscal Year 2023 Financial Results Fourth Quarter 2023 Highlights: Revenue of $173.9 million, compared with $153.8 million in the same period last yearGAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last yearNon-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year Fiscal Year 2023 Highlights: Revenue of $666.4 million, compared with $646.1 million in the same period last yea...

 PRESS RELEASE

Veeco Announces Date for Fourth Quarter and Full-Year 2023 Financial R...

Veeco Announces Date for Fourth Quarter and Full-Year 2023 Financial Results and Conference Call PLAINVIEW, N.Y., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) plans to release its fourth quarter and full-year 2023 financial results after the market closes on Wednesday, February 14, 2024. The company will host a conference call to review these results starting at 5:00pm ET that day. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's w...

 PRESS RELEASE

Veeco Updates Fourth Quarter 2023 Guidance and Provides Initial 2024 O...

Veeco Updates Fourth Quarter 2023 Guidance and Provides Initial 2024 Outlook Updates fourth quarter revenue guidance to $165 to $175 million & Non-GAAP diluted EPS between $0.40 to $0.45 centsInitial 2024 revenue outlook of $680 to $740 million & Non-GAAP diluted EPS outlook between $1.60 to $1.90Veeco to participate at upcoming 26th Annual Needham Growth Conference PLAINVIEW, N.Y., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter of 2023 and provided an initial 2024 outlook. Veeco’s management is sch...

 PRESS RELEASE

Veeco Announces Upcoming Investor Event

Veeco Announces Upcoming Investor Event PLAINVIEW, N.Y., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today announced that management is scheduled to present at the 26th Annual Needham Growth Conference at 11:45 AM ET on Wednesday, January 17, 2024, at the Lotte New York Palace Hotel in New York City, NY. Veeco management will also be available to meet in person with investors during the conference. Interested investors should contact their Needham representative to secure a meeting time. The presentation will be broadcast live and can be accessed on the ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch