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SGH

Smart Global

$18.42

0.32 (1.77%)

16:50
08/09/17
08/09
16:50
08/09/17
16:50

Smart Global announces refinancing transaction

SMART Global Holdings announced the refinancing of the Senior Secured Credit Agreement of its operating group. The transaction increases the principal amount of the Term Loans from $151 million to $165 million. The maturity on the Term Loans is extended to August 2022, while the maturity on the Revolver is extended to February 2022. The Term Loans bear interest at LIBOR + 6.25% and the rate on the Revolver is unchanged at LIBOR + 4.00%. As a result of refinancing the Term Loans, 1.9 million second tranche warrants exercisable at $0.03 per share previously issued to lenders, have been terminated. The Revolver and Term Loans continue to be guaranteed by certain subsidiaries and are secured by a first-lien pledge on the assets of the guarantors and a pledge of the equity interest in certain subsidiaries. SMART Global Holdings, Inc. is not a party to or a guarantor of the amended credit facility."We are pleased to announce this refinancing transaction, which extends the maturity date of the Term Loans and substantially reduces interest expense for SMART," commented Iain MacKenzie, President & Chief Executive Officer of SMART Global Holdings. "The pay down in debt with the proceeds of our recent IPO, combined with the decrease in interest rates from this refinancing, reduces our annual interest expense by approximately $8 million and provides SMART with greater operating flexibility, enabling increased focus on driving the performance of our businesses."

  • 26

    Sep

SGH Smart Global
$18.42

0.32 (1.77%)

06/19/17
06/19/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Qualcomm (QCOM) reinstated with a Hold at Deutsche Bank. 2. WideOpenWest (WOW) was initiated with an Outperform at Macquarie, RBC Capital, Credit Suisse, and Evercore ISI, a Strong Buy at Raymond James, as well as a Buy at SunTrust and UBS. 3. Appian (APPN) was initiated with an Outperform at Cowen, an Equal Weight at Morgan Stanley and Barclays, a Sector Weight at Pacific Crest, a Hold at Canaccord, and a Neutral at Goldman Sachs. 4. Smart Global (SGH) was initiated with an Overweight at Barclays, a Strong Buy at Needham, and a Buy at Roth Capital, Stifel, Jefferies, and Deutsche Bank. 5. Credit Suisse (CS) resumed with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/17
ROTH
06/19/17
INITIATION
Target $24
ROTH
Buy
Smart Global initiated with a Buy at Roth Capital
Roth Capital analyst Suji Desilva initiated Smart Global Holdings with a Buy rating and a $24 price target, saying he is encouraged by the company's growth and share expansion opportunity as well as its differentiated specialty memory offering.
06/19/17
NEED
06/19/17
INITIATION
Target $20
NEED
Strong Buy
Smart Global initiated with a Strong Buy at Needham
Needham analyst Rajvindra Gill initiated Smart Global with a Strong Buy and a $20 price target.
06/19/17
STFL
06/19/17
INITIATION
STFL
Buy
Smart Global initiated with a Buy at Stifel
Stifel analyst Kevin Cassidy started coverage of Smart Global with a $27 price target and a Buy rating. The analyst says that the company's Specialty Memory unit is "poised to benefit from the increased importance of memory in the datacenter architecture." He also expects the company to benefit from increased smartphone adoption in Brazil and higher content memory requirements there.

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