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Asyst defaults on US$76 million bank loan interest payments
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Asyst Technologies has failed to pay interest and fees on a US$76.5 million credit agreement with KeyBank National Association due on March 31, 2009, which will mean the semiconductor automation specialist, will have to pay a higher rate of interest and excludes further borrowings from the lender.
The company said in an SEC filing that;
‘For interest accruing over the six month interest payment period ending May 27, 2009, the default rate increases the rate of interest from approximately 7% to 9% and at current exchange rates would add approximately $740,000 in additional interest expense for that payment period. For future periods, the imposition of the default rate would increase our interest expense as a result of the addition of 2% to the otherwise applicable rate, and may also increase interest expense based on the inability to use the LIBOR rate referred to above.’
Asyst has not been profitable for a number of years and has seen its NASDAQ listed stock price fall below US$1 since October 2008, risking a potential delisting on the tech exchange.