Jul. 7 at 2:45 AM
$SKYT Maybe a few clues about upcoming activities in recent 8K announcing new
$350M loan agreement to fund acquisition of Fab 25. Specifically referring to Exhibit EX10.1, attached to 8K, which is the detailed (137 page) Loan and Security Agreement.
Two things caught my eye:
1) Frequent and detailed reference to "Austin Sale and Leaseback Transaction" suggests there is clear intent by SKYT to do a sale/leaseback of Fab 25. This facilitates access and redeployment of capital inherent in Fab 25, noting that purchase price (ex-working capital) was
$73M, whereas CFO estimated Fab 25 fair market value at >
$300M. Sale/leaseback was previously done for their MN fab.
2) EX10.1 shows a 5-year table of annual CapEx lender limits (attached). This is likely SKYT's CapEx plan assuming no add'l customer-funded tools (those not yet awarded) and totals ~
$400M. Compare to total CapEx for past 4 years since IPO: ~
$164M (
$64M self-funded +
$100M customer-funded).
Big things ahead, me thinks.
