August 22, 2014 2:37 AM ET

Semiconductors and Semiconductor Equipment

Company Overview of Jazz Technologies, Inc.

Company Overview

Jazz Technologies, Inc., an independent semiconductor foundry, through its subsidiaries, provides specialty process technologies, design solutions, and application knowledge for the manufacture of analog and mixed-signal semiconductor devices primarily in the United States. Its process technology portfolio include advanced analog, radio frequency, high voltage, and bipolar and silicon germanium bipolar complementary metal oxide semiconductor processes, as well as double-diffused metal oxide semiconductor processes used in cellular phones, wireless local area networking devices, digital TVs, set-top boxes, gaming devices, switches, routers, and broadband modems. The company primarily manufact...

4321 Jamboree Road

Newport Beach, CA 92660

United States

Phone:

949-435-8000

Key Executives for Jazz Technologies, Inc.

Principal Executive Officer
Age: 47
Chief Financial Officer and Chief Accounting Officer
Chairman
Age: 59
Senior Vice President of Worldwide Sales & Marketing - Jazz & Tower Semiconductor
Age: 58
Vice President and Chief Information Officer of Tower Semiconductor
Compensation as of Fiscal Year 2014.

Jazz Technologies, Inc. Key Developments

Jazz Technologies, Inc. Enters into The Exchange Agreement and the Purchase Agreement with Certain Existing US and Offshore Institutional Holders

TowerJazz announced that it has signed definitive agreements with certain existing US and offshore institutional holders, pursuant to which Jazz Technologies, Inc. will issue new un-secured bonds due December 2018 (the new bonds) in exchange for approximately $45 million in aggregate principal amount of the approximately $94 million aggregate principal amount of 8% senior bonds due June 2015. The new bonds will be unsecured and are therefore structurally subordinated to the Wells Fargo credit line of up to $70 million due 2018, as are the currently outstanding bonds due June 2015. In addition, certain of the participating bondholders have agreed to purchase approximately $10 million principal amount of the new bonds maturing 2018. These transactions will strengthen TowerJazz’s balance sheet by reducing net debt due through June 2015 by approximately $55 million, comprised of an increase of approximately $10 million in its cash balance and a reduction of the bonds due June 2015 from approximately $94 million to approximately $49 million. The new bonds, which will mature December 31, 2018, carry an 8% coupon payable in cash in two semi-annual installments through maturity and may be converted into ordinary shares of Tower at $10.07 per share, reflecting a 20% premium over the average closing price for the company’s ordinary shares for the five trading days ended one day prior to signing date of these agreements. The new Jazz bonds will not be guaranteed by Tower Semiconductor Ltd. The consummation of the transaction contemplated by the exchange and note purchase agreements is subject to certain routine regulatory consents and satisfaction of customary closing conditions. The new bonds will be issued at the closing of the exchange transaction, which is expected to occur by the end of March.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
March 25, 2014
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