NEWPORT BEACH, Calif. & MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--Dec. 18, 2013--
TowerJazz, the global specialty foundry leader (NASDAQ: TSEM,
TASE: TSEM), today announced the signing of an extension of its current
agreement with Wells Fargo Capital Finance, part of Wells Fargo &
Company (NYSE: WFC), to provide TowerJazz with a $70 million credit line
through December 2018 at a reduced interest rate. Maximum amount that
may be drawn under the credit line at each specific point is based on
formulas stipulated in the contract. Outstanding borrowings under the
previous $45 million Wells Fargo credit line, available until September
2014, were $19 million.
Russell Ellwanger, Tower's chief executive officer, said, "I am
extremely pleased that Wells Fargo Capital Finance, one of the largest
asset-based lenders in the US, has chosen to extend our credit line from
$45 million to $70 million. It has been great working with Wells Fargo
over the years and we look forward to continue our business
relationship.”
“We are pleased to successfully complete this important financing for
TowerJazz and to have the opportunity to work with a strong and
knowledgeable management team,” said Stacy Gottlieb, Senior Vice
President, Wells Fargo Capital Finance. “TowerJazz is a leading
specialty foundry and we are honored to be able to support the company
as it achieves its strategic goals.”
About TowerJazz
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), its fully owned
U.S. subsidiary Jazz Semiconductor, Inc., and its fully owned Japanese
subsidiary TowerJazz Japan, Ltd., operate collectively under the brand
name TowerJazz, the global specialty foundry leader. TowerJazz
manufactures integrated circuits, offering a broad range of customizable
process technologies including: SiGe, BiCMOS, Mixed-Signal/CMOS, RFCMOS,
CMOS Image Sensor, Power Management (BCD), and MEMS capabilities.
TowerJazz also provides a world-class design enablement platform that
enables a quick and accurate design cycle. In addition, TowerJazz
provides (TOPS) Transfer Optimization and development Process Services
to IDMs and fabless companies that need to expand capacity. TowerJazz
offers multi-fab sourcing with two manufacturing facilities in Israel,
one in the U.S., and one in Japan. For more information, please visit www.towerjazz.com.
Safe Harbor Regarding Forward-Looking Statements
This press release includes forward-looking statements, which are
subject to risks and uncertainties. Actual results may vary from those
projected or implied by such forward-looking statements. A complete
discussion of risks and uncertainties that may affect the accuracy of
forward-looking statements included in this press release or which may
otherwise affect TowerJazz’s business is included under the heading
"Risk Factors" in Tower’s most recent filings on Forms 20-F, F-3, F-4
and 6-K, as were filed with the Securities and Exchange Commission (the
“SEC”) and the Israel Securities Authority and Jazz’s most recent
filings on Forms 10-K and 10-Q, as were filed with the SEC,
respectively. Tower and Jazz do not intend to update, and expressly
disclaim any obligation to update, the information contained in this
release.
Source: TowerJazz
TowerJazz
Noit Levi, +972-4-604-7066
noit.levi@towerjazz.com
or
CCG
Investor Relations:
Ehud Helft / Kenny Green, 646-201 9246
towersemi@ccgisrael.com
or
Wells
Fargo Capital Finance
Trisha Schultz, 310-453-8232
tschultz@wellsfargo.com
