This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

LTX-Credence Announces The Completion Of Its Acquisition Of Multitest And Everett Charles Technologies

NORWOOD, Mass., Dec. 2, 2013 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), today announced an important step in the evolution of the semiconductor test cell with the completion of its acquisition of the Multitest and Everett Charles Technologies (ECT) businesses of Dover Corporation (NYSE:DOV).

LTX-Credence and Dover Printing & Identification, Inc., a subsidiary of Dover Corporation (Dover), have completed the previously announced acquisition by LTX-Credence of the assets and stock exclusively and primarily related to the Multitest and ECT businesses, including the stock of Everett Charles Technologies LLC, for a purchase price of $93.5 million, of which $73.5 million was paid in cash through a combination of existing cash-on-hand and bank debt and $20.0 million was paid by the issuance of a promissory note by LTX-Credence to Dover. The purchase price is subject to customary adjustments.

The combination of LTX-Credence, Multitest and ECT provides LTX-Credence with the opportunity to serve a greater share of the semiconductor test cell, while increasing access to the electronics manufacturing industry. The combined company is the only provider of comprehensive test solutions and services for the semiconductor and printed circuit board markets—redefining the test cell by assembling best-in-class technology from three market-leading companies into new, innovative solutions.

On November 27, 2013, in anticipation of the completion of the acquisition and to fund the purchase price therefor, LTX-Credence entered into a credit agreement (the Credit Agreement) with Everett Charles Technologies LLC (ECT and together with LTX-Credence, the Borrowers), Silicon Valley Bank, as lender, administrative agent and issuing lender (SVB), and the several lenders from time to time party thereto (the Lenders). The Credit Agreement provides for a senior secured credit facility in favor of the Borrowers in the aggregate principal amount of up to $55.0 million (the Facility). The Facility consists of a term loan facility for $50.0 million (the Term Loan), that was advanced to LTX-Credence on November 27, 2013 (the Funding Date), and a revolving credit facility (including a letter of credit facility) for up to $5.0 million that is available from time to time for five years after the Funding Date. Under the terms of the Credit Agreement, not more than one time during the period commencing on the Funding Date until the close of business on the date that is one day prior to the 42-month anniversary of the Funding Date, the Facility may be increased by an aggregate amount not to exceed $20.0 million through an additional facility on a pari passu basis with the Term Loan, subject to specified conditions and the agreement of one or more Lenders to participate therein. All obligations under the Facility are secured by a first priority security interest in substantially all of the Borrowers' existing and future assets, including a pledge of the stock or other equity interests of the Borrowers' domestic subsidiaries and of any first tier foreign subsidiaries, subject to specified conditions.

LTX-Credence expects to include the anticipated impact of its acquisition of the Multitest and Everett Charles Technologies businesses from affiliates of Dover Corporation in the second quarter fiscal 2014 guidance that it will provide during its previously scheduled conference call to discuss its first quarter fiscal 2014 financial results on December 3, 2013 at 10:00 a.m. EST.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.29 -1.00%
FB $119.22 1.20%
GOOG $708.29 0.98%
TSLA $215.67 2.00%
YHOO $37.09 0.41%


Chart of I:DJI
DOW 17,689.82 +29.11 0.16%
S&P 500 2,049.53 -1.10 -0.05%
NASDAQ 4,708.3390 -8.7550 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs