Allegro MicroSystems Launches Incremental Term Loan
24 July 2024 - 6:06AM
Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global
leader in power and sensing solutions for motion control and
energy-efficient systems, today announced the launch of syndication
of an incremental term loan under the Credit Agreement, dated as of
June 21, 2023, by and among Allegro, Allegro MicroSystems, LLC, the
lenders and the other parties thereto (the "Incremental Term
Loan"). Proceeds from the Incremental Term Loan will be used to
repurchase shares from Allegro’s majority shareholder, Sanken
Electric Co., Ltd. (“Sanken”). The foregoing transactions are
subject to market and other conditions, and there can be no
assurance as to whether, or when, the transactions may be completed
or as to the actual size or terms of the Incremental Term Loan.
Morgan Stanley and Barclays are acting as joint lead arrangers
and book-runners for the Incremental Term Loan.
PJT Partners is acting as financial advisor to Allegro.
About Allegro MicroSystems
Allegro MicroSystems, Inc. is a leading global designer,
developer, fabless manufacturer and marketer of sensor integrated
circuits (“ICs”) and application-specific analog power ICs enabling
emerging technologies in the automotive and industrial markets.
Allegro’s diverse product portfolio provides efficient and reliable
solutions for the electrification of vehicles, automotive ADAS
safety features, automation for Industry 4.0 and power-saving
technologies for data centers and clean energy applications.
About Sanken
Sanken’s mission as a company is to provide optimal solutions in
the broad and expansive field of electricity and electronics with
semiconductors, its core business, power electronics and peripheral
fields. Sanken provides products globally for the increasingly
electrified automotive industry, as well as for white goods and
industrial equipment, which are becoming more energy efficient as
demand for electricity increases. Sanken Electric works to
constantly innovate its technological capabilities and provides
products of assured quality to help solve global environmental and
social issues and further develop industry, the economy and
culture.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding the
expected syndication of the Incremental Term Loan and the
repurchase of shares from Sanken, each as described above. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the fiscal year ended March 29, 2024, filed
with the SEC on May 23, 2024, and our other filings with the SEC,
any of which could cause actual results to differ materially from
those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if
subsequent events cause our views to change, except as required by
law. These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
Contact:Jalene HooverVP of Investor Relations
& Corporate Communications+1 (512)
751-6526jhoover@allegromicro.com
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