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this appears to be a convincing move on nice volume.. gltu!!!
i hit the ask .. y not
i guess that we should confer before we bid as my bid was 25000 at .0325 lol . i wonder if we are penny wise and pound foolish to not simply bid the .0375
i just bid on twsrf too lol .033 for 50k
it looks like it just blasted through 1.60. here's hoping.i just put in a bd for more warrants as i believe...
TSEM about to test big resistance at 1.60, will be interesting if it gets over that in the short-term
more debt was dealt with today as well:
TowerJazz Announces Closing of a Definitive Agreement with its Lender Banks to Refinance and Reduce Its Debt to Improve Its Balance Sheet and Cash Flows
Under the Agreement, $210 Million Bank Loans Have Been Paid Down to $160 Million and Extended to 2013 Through 2015 at Libor Plus 2.75%
Press Release Source: TowerJazz On Tuesday August 17, 2010, 2:41 am EDT
MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--TowerJazz, the global specialty foundry leader, today announced that it has signed and closed a definitive agreement with its lender banks, strengthening its balance sheet and debt structure, as well as enabling its business plan forecasted growth.
According to the agreement, approximately $160 million of principal amount were extended and scheduled to be paid in 10 quarterly installments commencing the third quarter of 2013 and ending in the fourth quarter of 2015. The loans will bear an annual interest rate of labor plus 2.75 percent. As part of the agreement, the company will prepay $30 million, on top of $20 million previously announced, both originally due next year. This is funded by its improved operating margins, which have outperformed street expectations.
Oren Shirazi, TowerJazz’s CFO, said: “Following the previous announced $80 million bonds to notes exchange, the extension of the $45 million Wells Fargo credit lines, with due dates of 2015 and 2014 respectively, a conversion of approximately $30 million of Israeli bonds, and with this additional banks agreement, we have now refinanced/ restructured more than $350 million of debt. Considering our greater than $160 million 2010 EBITDA target, this restructure has improved our debt to EBITDA ratio to less than 2.5X, being a servable ratio and much lower than in the past.”
Russell Ellwanger, TowerJazz's chief executive officer, added, "This new debt balance and schedule is critical to sustaining a significant cash balance enabling quick execution of material growth opportunities. The signing of this definitive agreement with our Israeli lender banks was the most significant step towards the execution of our comprehensive debt restructuring plan. Servicing the reduced remaining principle with the associated due dates of all banks and bonds debt, falls easily within the operating models of the company, for a wide range of scenarios.”
About TowerJazz
Tower Semiconductor Ltd. (NASDAQ:TSEM)(TASE:TSEM), the global specialty foundry leader and its fully owned U.S. subsidiary Jazz Semiconductor, operate collectively under the brand name TowerJazz, manufacturing integrated circuits with geometries ranging from 1.0 to 0.13-micron. TowerJazz provides industry leading design enablement tools to allow complex designs to be achieved quickly and more accurately and offers a broad range of customizable process technologies including SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power Management (BCD), and Non-Volatile Memory (NVM) as well as MEMS capabilities. To provide world-class customer service, TowerJazz maintains two manufacturing facilities in Israel and one in the U.S. with additional capacity available in China through manufacturing partnerships. For more information, please visit www.towerjazz.com.
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 and you should not place any undue reliance on such forward-looking statements. The success of the Company’s debt restructuring efforts is subject to many factors, including the following: (i) negotiation of mutually acceptable arrangements with the Company’s institutional and other debt and debenture holders; (ii) market interest in any new debt securities the Company may propose to issue; (iii) the overall global economy conditions as well as the situation of the credit and financial markets; and (iv) the Company’s operating results, cash flow, financial position and future prospects.
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 our business is included under the heading "Risk Factors" in Tower’s most recent filing on Form 20-F. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.
As applied in this release, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of loss, according to U.S. GAAP, excluding interest and financing expenses (net), tax, depreciation and amortization and stock based compensation expenses. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
Contact:
TowerJazz Investor RelationsNoit Levi, +972 4 604 7066Noit.levi@towerjazz.comorCCG Investor RelationsEhud Helft / Kenny Green, 646-201-9246towersemi@ccgisrael.com
does anyone know what the update was for tsem by ni technologies? thanks
May be the start of a great run...let's wait and see!
Needham analyst on the CC asked a lot of good questions and, IMHO, got a lot of good answers in return...
a friendly coverage start would go a long way here...
any thoughts from the "gang of 5", was it? HA!
Glen.
Up 3.82% on tase right now. I was going to initiate a position in the common yesterday at 1.41 but thought maybe I'd get them cheaper today. Guess not
g/l!
Bought in May at $1.66. Shame its taken this long to just get back to those levels. Should have avg down, but I am avg down with stocks that are still dropping, lol
Go TSEM !!!
Muted response on the tase. Hopefully not a case of already baked in
future quarters seem to be looking good from commentary
I was # 4, lol. In since may 12th! Just reading since!
i am impressed on two counts. the 1.59 close and that we have 5 posters now. we are moving up in the world. now if we will only beat the street estimates. go tsem
beautiful day.. close at $1.59 (pretty much HOD) and right near that $1.60 resistance
at this point i'm hoping we get a new high tomorrow or wednesday
can hear crickets on the warrants..................... ZZZZZzzzzzzzzzz
nice action prior to earnings that for sure.. hopefully it not only continues tomorrow but accelerates
g/L!
This is what we want to see.....up 4.3% so far
http://www.tase.co.il/TASEEng/General/Company/companyMainData.htm?subDataType=0&companyID=002028&shareID=01082379
Thanks and here's to a great August 10!!!
DB...I read only the second link in Scan's Yorkville info (when it was first posted) and this was about a deal with Orckit...so I made no report here. On accessing the first link (after now seeing your comment)it definitely confirms yet a further amount in the deal with YA. You may well be right about the price 'holding'. Expect Monday and Tuesday to be more 'interesting' than Q1 in May, pps wise. As I mentioned a few weeks ago still no efforts by TJ to align reports with other 'like' companies. Maybe operating with two exchanges is the main reason but in this electronic age surely earlier than 6 weeks is possible.
Read on yahoo another $10mil to yorkville. Maybe they have been holding us down for pricing purposes??
Welcome to this board Glen......more people more 'action' ....
Maybe nobody on Yahoo! has seen the sight...
guess I must be the 4th watcher...
Newbee to the board but not to Tower!
I also have noticed not much action here compared to other boards I follow...
Glen.
i hope whomever has been distributing shares on the nasdaq side of things is finished before earnings come out
very nice volume today... didn't like the painted close at 1.42
Chardan report from Globes now available:
http://www.globes.co.il/serveen/globes/docview.asp?did=1000580034&fid=1725
Rewards will be all the sweeter.....
ironic isn't it
with all the scammy little companies with no revenues getting huge play on ihub, it is unbelieveable that there are only three fairly loyal followers of tsem here. this should be among the busiest site on ihub. a legitimate company with profits, such a concept. go tsem
don't stop! next week should be very exciting,i hope
TWSRF up 21%
That's good to hear! We should therefore start motoring soon....
i sent 25k to .045 ask .. only filled ~8k .. warrants are finally getting thin under .05
Nasdaq shows nice 5% 'up' start
Apparently, Jay Sritsva, Chardan Capital Markets has set the ball rolling....have'nt traced article yet.
i think next week is going to be exciting
nice to see the aggressive spikes upward the last 2 days on the tase
Nice partial recovery after over reaction to the Lebanon skirmish.
Apparently WS single most important requirement for strong company support/acclaim is revenue....even more than earnings, but I suppose that accepts other standard criteria are satisfied. Here's to continued debt reduction.
3 working days to Q2
10th will soon be here......
i believe that people are waiting to make sure that tower is not a one quarter wonder. if the result at least match or beat estimates i do believe that there will be significant upward pressure.
Hopefully....and results to match those of other semis should do it, but grant money would be icing on the cake and give the right message to those institutional investors we still need on board.
suprised at today's action with the market screaming.. hopefully we not only pop on earnings BUT hold the move and continue ascention
g/l!
i agree. i hold both stock and warrants so i too want great news. i just can't imagine the pps this low for a stock that might earn 65 cents. i do actually think that they will beat estimates,by how far i don't know.
yes earnings on the 10th
Agreed.....but there is a time issue for warrant holders so here's to significant progress towards black figures.....best aided by continuing upward sales/deals and reduction of that historical debt. Positive grant news would also be very supportive but not vital. Unless the Q2 results are outstanding ie much better than estimated (which maybe we would have heard about by now)then I think pps movement is likely to be similar to post Q1. Strongly upward pps is long overdue for those ever patient longs. Earnings 10th not 2nd.
i also am not in favor of acqusition until their ballance sheet is put into better order. they talk about it .i hope that there is some movement in that direction.
Globes announce TJ not in favour of acquisition at present....
http://translate.google.com/translate?u=http%3A%2F%2Fwww.globes.co.il%2Fnews%2Farticle.aspx%3Fdid%3D1000578480&sl=iw&tl=en&hl=&ie=UTF-8
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Tower Semiconductor, Ltd. an independent wafer foundry, manufactures semiconductors for its customers. It manufactures integrated circuits (ICs) based on third party designs and its own proprietary designs with geometries ranging from 1.0 micron to 0.13 microns. These ICs are incorporated into consumer electronics, personal computer and office equipment, communications, automotive, professional photography, and medical device products. The company principally focuses on complementary metal-oxide semiconductor (CMOS) image sensors, embedded flash memory, and mixed signal and radio frequency CMOS technologies. It also provides complementary technical and design support services. The company offers its products in the United States, Europe, Asia Pacific, and Israel. Tower Semiconductor was founded in 1993 and is based in Migdal Haemek, Israel.
Tower Semiconductor Ltd.
Ramat Gavriel Industrial Park
PO Box 619
Migdal Haemek, 23105
Phone: 972 4 650 6611
Fax: 972 4 654 7788
Web Site: http://www.towersemi.com
Israel Economics:
(#board-3606)
This is the iHub Message Board about Tower Semiconductor Ltd (Nasdaq: TSEM), where you can discuss the future prospects of the company and share information about it with others. This board is not connected in any way with the company, and any messages are solely the opinion and responsibility of the poster.
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