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Axcelis gains US$35.9 million from sale of SEN Corp to SHI
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Axcelis Technologies has said it has completed the sale of its 50% ownership in SEN Corp to Sumitomo Heavy Industries, Ltd. (SHI). Net proceeds from the sale were approximately US$122.3 million, resulting in approximately US$10 million in expenses related to the deal. SHI paid approximately US$132.6 million.
As expected, Axcelis has used US$86.4 million of the proceeds to repay Convertible Senior Subordinated Notes that were due in January but the company had failed to secure alternative finance last year to pay the notes. Litigation related to the Notes was said to have been dropped now that payment has been received.
Cash returning to Axcelis is approximately US$35.9 million.