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9 June 2021

II-VI Inc receives extra $350m equity commitment from Bain

Engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA, USA says that Bain Capital is making an additional equity investment of $350m in II-VI, increasing its total equity commitment to the firm to $2.15bn.

As disclosed on 31 March, II-VI sold 75,000 shares of a new Series B-1 Convertible Preferred Stock to Bain Capital at $10,000 per share, for a total $750m.

Bain also committed to purchase, immediately prior to the closing of II-VI’s pending business combination with Coherent Inc of Santa Clara, CA, USA (which provides lasers and laser-based technology for scientific, commercial and industrial applications), 105,000 shares of a new Series B-2 Convertible Preferred Stock at $10,000 per share (for $1.05bn), for a total commitment of $1.8bn, including the $750m received by II-VI on 31 March.

II-VI also had the right to request that Bain purchase an additional 35,000 shares of Series B-2 Convertible Preferred Stock at $10,000 per share (for $350m), which would also occur immediately prior to the closing of the pending business combination with Coherent.

With this additional $350m commitment, Bain will purchase a total of 140,000 shares of Series B-2 Convertible Preferred Stock for a total $1.4bn immediately prior to, and conditioned on, the closing of the Coherent transaction. As a result, Bain will have purchased a total of $2.15bn of II-VI’s Series B Convertible Preferred Stock.

All of the shares of Series B Convertible Preferred Stock will be convertible into shares of II-VI common stock at a conversion price of $85 per share, and the shares of Series B-1 Convertible Preferred Stock issued in March became voting shares upon expiration of the Hart-Scott-Rodino Act waiting period on 3 June.

See related items:

Coherent accepts II-VI acquisition proposal

II-VI details proposed equity investment from Bain Capital

Tags: Laser diodes

Visit: www.ii-vi.com

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