Stock Repurchase For GT Solar
Merrimack, NH-based GT Solar, a provider of technology in the solar and LED spaces, announced today that it plans to purchase and retire 26.5 million shares of its common stock from all of its private equity investors, at $7.66 per share. The $203 million deal, expected to close on or before November 12, will reduce GT’s total shares outstanding from about 151 million shares to about 124 million. GT Solar paid for the transaction in cash, but has also gotten a commitment from Credit Suisse for a credit facility of up to $200 million, for greater flexibility in pursuing future business opportunities. The firm has also promoted GT Solar director and former Western Digital chairman and CEO Matt Massengill to the position of chairman to replace J. Bradford Forth, who resigned alongside board member R. Chad Van Sweden as part of the stock repurchase transaction.