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GT Advanced Technologies Inc. Prices $190,000,000 Of 3.00% Convertible Senior Notes Due 2020 And 8,650,000 Shares Of Common Stock

MERRIMACK, N.H., Dec. 5, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (Nasdaq:GTAT) (the "Company") today announced the pricing of $190,000,000 aggregate principal amount of its 3.00% Convertible Senior Notes due 2020 (the "Notes") and 8,650,000 shares of its common stock at a price of $8.65 per share (the "Common Stock") in concurrent underwritten registered public offerings (collectively, the "Offerings"). The Company has granted the underwriters a 30-day option to purchase up to an additional $24,000,000 principal amount of Notes and 1,292,196 shares of Common Stock from the Company, respectively. The Offerings are subject to market and other conditions.

The Notes will mature on December 15, 2020, unless repurchased or converted in accordance with their terms prior to such date, and will bear interest at a rate of 3.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2014. The Notes will be convertible, under certain circumstances, into cash, shares of the Company's Common Stock, or a combination of both, at the Company's election, at an initial conversion rate of 82.5764 shares of the Company's Common Stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $12.11 per share of the Company's Common Stock. The Company will not have the right to redeem the Notes prior to maturity.

The Company estimates that the net proceeds of the Offerings will be approximately $254,000,000 (or approximately $288,000,000 if the underwriters' options to purchase additional Notes and shares of Common Stock are exercised in full), after deducting the underwriters' discounts and commissions and estimated offering expenses. The Company intends to use the remainder of 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.

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