SkyWater Technology Expands Borrowing Capacity by Closing New $100 Million Senior Secured Revolving Credit Facility

BLOOMINGTON, Minn. – January 4, 2023 – SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced the signing of a new $100 million three-year senior secured revolving credit facility that expands the company’s available borrowing capacity. The new credit facility contains an accordion feature that allows the company to increase the size of the facility by up to $30 million, subject to certain conditions, for a total potential borrowing capacity of up to $130 million. The facility was jointly arranged by Siena Lending Group LLC (“Siena”) and Great Rock Capital (“Great Rock”), leading asset-based lending companies. Concurrently with the closing of the new facility, SkyWater terminated its existing senior credit facility with Wells Fargo.

SkyWater expects to use the new credit facility for general corporate purposes, which may include the funding of working capital or supporting internal growth initiatives. “We are very pleased with the completion of this debt facility and new partnership with Siena and Great Rock. This facility provides us with increased financial flexibility and liquidity that we believe will allow SkyWater to continue to grow. This new, larger facility is a reflection of our success over the past year as we have strengthened our credit profile,” said SkyWater Chief Financial Officer, Steve Manko.

“We welcome Siena and Great Rock as our new lending partners. By working closely together, we were able to tailor the structure of the credit facility according to our specific strategies and objectives. Access to additional financing adds to SkyWater’s other capital strategies, and we believe that it enhances our ability to support our continued rapid growth,” commented SkyWater President and CEO, Thomas Sonderman.

Siena Lending Group LLC served as Revolver Agent on the facility. Cowen and Company, LLC acted as Exclusive Financing Advisor to SkyWater. Ballard Spahr LLP served as legal counsel for the company.

About SkyWater Technology

SkyWater (NASDAQ: SKYT) is a U.S.-owned semiconductor manufacturer and a DMEA-accredited Trusted supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its world-class U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power management, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers. SkyWater serves growing markets including aerospace & defense, automotive, biomedical, cloud & computing, consumer, industrial and IoT.