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GT Advanced Technologies Inc. To Offer $125,000,000 Convertible Senior Notes And 12,000,000 Shares Of Common Stock

MERRIMACK, N.H., Dec. 2, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (Nasdaq:GTAT) (the "Company"), today announced plans to offer $125,000,000 aggregate principal amount of convertible senior notes due 2020 (the "Notes") and 12,000,000 shares of its common stock ("Common Stock") in concurrent underwritten registered public offerings (collectively, the "Offerings"). In addition, the Company expects to grant the underwriters a 30-day option to purchase up to an additional $18,750,000 aggregate principal amount of Notes and 1,800,000 shares of Common Stock from the Company, respectively. The Offerings are subject to market and other conditions.

The Notes will pay interest semiannually and will be convertible, under certain circumstances, into cash, shares of Common Stock, or a combination of cash and shares of Common Stock at the Company's election. The Notes will mature on December 15, 2020, unless repurchased or converted in accordance with their terms prior to such date. The Company will not have the right to redeem the Notes prior to maturity. The interest rate and terms of the notes, including the conversion rate of the notes, will be determined by negotiations among the Company and the underwriters.

The Company currently intends to use the net proceeds of the Offerings for working capital and general corporate purposes, which may include the acquisition of companies or businesses and capital expenditures.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Morgan Stanley & Co. LLC and Goldman, Sachs & Co. will act as joint book-running managers and Canaccord Genuity Inc. will act as co-manager for the Offerings. The Company has filed a registration statement (including a base prospectus and related preliminary prospectus supplements) with the Securities and Exchange Commission, or SEC, for the Offerings. Before you invest, you should read the preliminary prospectus supplements, the accompanying prospectus and the other documents the issuer has filed with the SEC for more complete information about the Company and the Offerings. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov . Alternatively, the Company, the underwriters or any dealer participating in the Offerings will arrange to send you the preliminary prospectus supplements and the accompanying prospectus if you request them by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by calling (866) 718-1649 or by emailing prospectus@morganstanley.com, or from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526 or by emailing prospectus-ny@ny.email.gs.com.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets.

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