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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Tony Viola who wrote (27033)	12/8/1998 12:09:00 PM
From: Jeffrey D	Read Replies (1) \| Respond to of 70976

ASM to pay AMAT $20M of its debt this month. for you accountants out there, how is that credited on the balance sheet? Jeff << PRIVATE PLACEMENT NLG 45 MILLION, 6% CONVERTIBLE LOAN; -------------------------------------------------------------------------------- Bank Financing Increased and Extended Agreement in Principle With Applied Materials BILTHOVEN, Netherlands, Dec. 7 /PRNewswire/ -- ASM International N.V. (Nasdaq: ASMIF; AEX: ASMI) announced today that it has raised NLG 60 million in new financing and has reached agreement in principle with Applied Materials on the restructuring of the $65 million Subordinated Convertible Note, due November 2, 1998. The Company issued a NLG 45 million, 6% subordinated convertible note which has been purchased by strategic and financial investors. The conversion price has been set at NLG 9 per common share, with customary protection clauses for below market price stock issues and stock dividends. The note has provisions such that, in case the note investors decide to ask for a listed security, it shall be changed into convertible bonds, tradeable in Europe. The Company has the right to convert the remaining balance of the note into common shares on maturity, December 4, 2003. A prospectus under Netherlands law relating to the note will be published in the first quarter of 1999. The financing arrangements with the Company's principal banks in the Netherlands have been renewed. These arrangements, with a total amount of NLG 84 million, will mature in November 2000. The Company arranged for an additional working capital facility of NLG 15 million, which also matures in November 2000. The Company's controlling interest in ASM Pacific Technology Limited continues to serve as security for these arrangements. The agreement in principle with Applied Materials, which is subject to completion of the definitive agreement, provides for the payment of $20 million in December 1998, $10 million in November 1999, with a final maturity in November 2000. The Company will provide security for this loan, will issue 1.5 million warrants for shares of ordinary stock of ASM International N.V. and will provide certain other licensing consideration. The above arrangements provide the Company with short term as well as medium term funds. The two-year period that is now available will be used to strengthen the Company's financing further. Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995: The statements regarding future events, and other matters discussed in this press release , except for any historical data, are forward-looking statements. Forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to economic conditions in the semiconductor industry, continuing effects of the Asian financial crisis, currency fluctuations, the timing of significant orders, market acceptance of new products, competitive factors, risk factors related to litigation and other risks indicated in filings from time to time with the SEC and Stock Exchange Authorities. ASM International is headquartered in Bilthoven, The Netherlands. ASM International's subsidiaries design, manufacture and market equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for the wafer processing, assembly and packaging segments through their facilities in the United States, Europe, Japan and Asia. ASM International's common shares trade on Nasdaq under the symbol ASMIF and on the Amsterdam Exchanges under the symbol ASMI. Additional information on ASM can be found on its web site at www.asm.com. SOURCE ASM International N.V. >>