Meyer Burger extends and increases bridge financing facility to enable strategic M&A process

Ad hoc notification in accordance with Art. 53 kr
Thun, Switzerland – January 18, 2025

Meyer Burger extends and increases the bridge financing facility to enable strategic M&A process

Meyer Burger Technology AG (together with its subsidiaries, “Meyer Burger”) announces today the signing of an Agreement to Amend the Bridge Financing Facility provided by an Ad Hoc Group of Noteholders and announced on December 6, 2024 (the “Facility“). This is supported by a comprehensive security package. The agreement extends the maturity date of all tranches of the facility to February 14, 2025 and increases their total amount to USD 59.5 million. It also allows Meyer Burger to immediately call a tranche of USD 11.2 million and provides for two further conditional tranches totaling up to USD 22.4 million.

Strategic M&A process started

As part of the agreement with the ad hoc group of bondholders and taking into account its strategic objectives, Meyer Burger has started an M&A process with one or potentially several interested third-party buyers. Meyer Burger has hired a financial advisor to support the M&A process. The Ad Hoc Group and Meyer Burger have made significant progress over the past four months on a comprehensive restructuring, which remains an alternative if the M&A process proves unsuccessful.

Bondholder meetings planned

As part of the agreement with the Ad Hoc Group, MBT Systems GmbH (a subsidiary of Meyer Burger) convenes meetings of its bondholders of the convertible bonds due in 2027 and 2029 and requests (i) a deferral of the November 2024 (regarding the convertible bond). Due in 2029) or in January 2025 (regarding the convertible bond). Due 2027) interest that is due and still unpaid until February 25 and 28, 2025 and (ii) a shortening of the notice period for bondholder meetings to five calendar days for both convertible bonds.

News from the company

Meyer Burger and its largest customer DESRI are in negotiations about a new framework agreement. A new agreement would replace the framework agreement for which DESRI had sent a termination threat on November 15, 2024.

Meyer Burger is currently selling almost all of the high-performance modules, which are produced on the first production line in Goodyear, Arizona, to DESRI as part of jointly agreed projects.

Work on the second module production line at the Goodyear factory is also progressing. The ramp-up began this week. The full annual capacity of 1.4 gigawatts is expected to be achieved by the end of this year.

Media contacts:

Meyer Burger Technology AG

Anne Schneider
Head of Corporate Communications
M. +49 174 349 17 90
[email protected]

Alexandre Müller
Investor relations
M. +41 43 268 3231
[email protected]

FORWARD-LOOKING STATEMENTS:

This publication may contain specific forward-looking statements; e.g. statements containing terms such as “believe”, “assume”, “expect”, “predict”, “project”, “may”, “could”, “like”, “will” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could lead to a material difference between the actual results, financial situation, development or performance of Meyer Burger Technology AG and those expressly or implicitly assumed in these statements. Given these uncertainties, readers should not place undue reliance on forward-looking statements. Meyer Burger Technology AG assumes no obligation to update such forward-looking statements or to adapt them to future events or developments. Except as required by law, Meyer Burger Technology AG has no intention or obligation to update this communication or to adapt it to future events or developments after the date of publication.

IMPORTANT NOTE:

This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction and does not constitute an offer, solicitation or sale in the United States or in any jurisdiction to any person to whom such offer, solicitation or sale would be unlawful. Neither this announcement nor anything contained herein constitutes or can be associated with any offer or commitment in any jurisdiction.

This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for any securities. This announcement is not a prospectus within the meaning of the Swiss Financial Services Act or a prospectus under any other applicable law. Copies of this document may not be sent to, distributed or sent to or from any jurisdiction where this is prohibited by law. The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification the securities laws of such jurisdiction.