Meyer Burger extends and upsizes bridge facility to facilitate strategic M&A process

Ad hoc announcement pursuant to Art. 53 LR
Thun, Switzerland – January 18, 2025

Meyer Burger extends and upsizes bridge facility to facilitate strategic M&A process

Meyer Burger Technology AG (collectively with its subsidiaries, “Meyer Burger”) today announces signing of an amendment to the bridge facility agreement (the “Facility”), provided by an ad hoc group of bondholders and announced on December 6, 2024, which benefits from a comprehensive collateral package. The amendment extends the maturity date of all tranches of the Facility to February 14, 2025, increases the total amount to USD 59.5 million, allows Meyer Burger to draw a tranche of USD 11.2 million immediately and provides for two additional sub-tranches totaling up to USD 22.4 million, subject to conditions.

Strategic M&A Process

In light of the agreement with the ad hoc group of bondholders and taking into account its strategic objectives, Meyer Burger has started a M&A process with one or potentially more interested third-party buyers. To assist in the M&A process, Meyer Burger has retained a financial adviser. The ad hoc group of bondholders and Meyer Burger have over the past four months materially advanced a comprehensive restructuring, which remains available as an alternative should the M&A process prove to be unsuccessful.

Bondholders' Meeting

As part of the agreement with the ad hoc group of bondholders, MBT Systems GmbH (a subsidiary of Meyer Burger) is convening meetings of its 2027 convertible bonds and 2029 convertible bonds to seek approval to (i) defer unpaid bond interest payments due in November 2024 (for the 2029 convertible bonds) and in January 2025 (for the 2027 convertible bonds) until February 25, 2025 and February 28, 2025 respectively and (ii) reduce the notice period for bondholders' meetings to five calendar days for both convertible bonds.

Corporate Update

Meyer Burger and its largest customer DESRI are in negotiations for a new master agreement. Any new agreement would supersede the master agreement with respect to which DESRI had sent a letter purporting to terminate it on November 15, 2024.

With its first high-performance module production line in Goodyear, Arizona, Meyer Burger is currently selling substantially all of its module production to DESRI as part of projects agreed upon with DESRI.

Work on the second module production line at the Goodyear facility is also progressing. The ramp-up has begun this week, and the full annual capacity of 1.4 gigawatts is expected to be reached by the end of this year.

Media contacts:

Meyer Burger Technology AG

Anne Schneider
Head Corporate Communications
M. +49 174 349 17 90
anne.schneider@meyerburger.com

Alexandre Müller 
Investor Relations
M. +41 43 268 3231
alexandre.mueller@meyerburger.com

FORWARD LOOKING STATEMENTS:

This publication may contain specific forward-looking statements, e.g. statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which may result in a substantial divergence between the actual results, financial situation, development or performance of Meyer Burger Technology AG and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. Meyer Burger Technology AG assumes no responsibility to update forward-looking statements or to adapt them to future events or developments. Except as required by applicable law, Meyer Burger Technology AG has no intention or obligation to update, keep updated or revise this publication or any parts thereof following the date hereof.

IMPORTANT NOTICE:

This announcement is for informational purposes only and does not constitute and shall not, in any circumstances, constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for any securities. This announcement is not a prospectus within the meaning of the Swiss Financial Services Act and not a prospectus under any other applicable laws. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.