Meyer Burger Upsizes Bridge Facility for Strategic M&A Endeavors

Meyer Burger Technology AG has announced an amendment to its bridge facility agreement, initially disclosed on December 6, 2024. The updated agreement, enabled by a supportive ad hoc group of bondholders, extends the facility's maturity date to February 14, 2025, and increases the total amount to USD 59.5 million. The amendment allows for immediate access to USD 11.2 million, with additional funds up to USD 22.4 million contingent upon conditions.

The company is embarking on a strategic M&A process, engaging with potential third-party buyers and enlisting the expertise of a financial adviser. Concurrently, a comprehensive restructuring plan remains as a fallback strategy should M&A efforts not materialize. Meyer Burger's subsidiary, MBT Systems GmbH, is convening bondholders' meetings to discuss bond interest deferrals and procedural changes.

On the operational front, negotiations for a new master agreement with DESRI are underway. This comes as Meyer Burger ramps up production at its Goodyear, Arizona facility, with a second line expected to reach full capacity by year's end.