Applied Materials and ASM Restructure $65 Million Note
In November 1997, Applied Materials and ASM settled all outstanding litigation, and Applied Materials received from ASM a Subordinated Convertible Note ("Note") for $80 million, due and payable in November 1998. ASM made a partial payment of $15 million against the Note in November 1997.
Applied Materials and ASM have restructured the Note, with ASM paying $20 million on December 23, 1998, and agreeing to pay $10 million on or before November 2, 1999 and $35 million on or before November 2, 2000. Applied Materials will record cash payments from ASM as non-operating income upon receipt. In addition, Applied Materials received security for the Note, 1.5 million warrants to acquire shares of ASM at $5.375 per share and certain other licensing considerations.
This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, ASM's timely payment of its obligations under the Note. Applied Materials and ASM do not assume any obligation to update the information in this press release.
Applied Materials, Inc. is a Fortune 500 global company and the world's largest supplier of wafer fabrication systems and services to the global semiconductor industry. Applied Materials is traded on the Nasdaq National Market under the symbol, "AMAT". Applied Materials' website is http://www.appliedmaterials.com.
ASM International, N.V. is headquartered in Bilthoven, The Netherlands. ASM subsidiaries design, manufacture and market equipment and materials used to produce semiconductor devices. ASM and its subsidiaries provide production solutions for the wafer processing, assembly and packaging segments through their facilities in the United States, Europe, Japan and Asia. ASM's common shares trade on Nasdaq under the symbol "ASMIF" and on the Amsterdam Exchanges under the symbol "ASMI". Additional information on ASM can be found on its website at http://www.ASM.com.