Veeco Instruments negotiates repurchase of $111.5 million 2.7% convertibles

By Mary-Katherine Stinson

Lexington, Ky., Nov. 8 – Veeco Instruments Inc. announced it has entered into a privately negotiated note purchase agreement with Lynrock Lake LP to repurchase $111.5 million of its outstanding 2.7% convertible senior notes due 2023, according to a company news release on Monday.

Under this agreement, the notes will be repurchased from the Lynrock Lake Master Fund LP for $115.6 million cash consideration plus approximately $1 million in accrued and unpaid interest.

The repurchase is expected to close Nov. 10 and is subject to customary closing conditions.

There will be $20.2 million principal amount of the notes after the repurchase is completed.

Veeco Instruments is a Plainview, N.Y.-based manufacturer of semiconductor process equipment.

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