FSI International Announced Today That It Redeemed $42 Million of Senior Unsecured Notes
MINNEAPOLIS--(BUSINESS WIRE)--Sept. 3, 1999--FSI International, Inc. (Nasdaq:FSII - news), a manufacturer of capital equipment for the microelectronics industry, announced that it has redeemed $42 million in senior unsecured notes. The Company used the approximately $38 million in proceeds from its recent Chemical Management Division sale for the redemption. Thirty million dollars of the 7.15% senior unsecured notes were due to mature in 2004 and $12 million of 7.27% senior unsecured notes were due to mature in 2006.
In addition to the payment of the principal and accrued interest on the notes, FSI paid the noteholders approximately $690,000 in make-whole penalties. At the time of the redemption, certain noteholders had claimed that the Company was in default under certain of the covenants contained in the note agreements. These claimed defaults were waived in connection with the redemption. After the redemption, the Company has approximately $60 million in cash, cash equivalents and marketable securities.
FSI International, Inc. is a leading global supplier of processing equipment used at key production steps to manufacture microelectronics, including semiconductor devices and thin film heads. The Company develops, manufactures, markets and supports products used in the technology areas of microlithography and surface conditioning. FSI International's customers include microelectronics manufacturers located throughout North America, Europe, Japan and the Asia-Pacific region.
Additional information on FSI International can be obtained by accessing its homepage at fsi-intl.com.
Contact:
FSI International Inc., Chaska
Benno Sand-Investor and Financial Media
(612) 448-8936
or
Laurie Walker-Trade Media
(612) 448-8066
FSI International Inc.
322 Hazeltine Drive
Chaska, MN 55318-1096
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