GT Advanced Technologies announced the commencement of a process to solicit participation in a proposed debtor-in-possession term loan facility by eligible holders of the company's previously issued convertible notes. The solicitation process is being conducted in connection with an amended and restated commitment letter, dated July 2, 2015 between the company and certain holders of the Convertible Notes. The company was authorized to undertake the solicitation process pursuant to an order of the Bankruptcy Court entered on April 2, 2015.

The company anticipates that the DIP Loan Facility will provide for loans in an initial aggregate principal amount of $95.0 million, and will permit a letter of credit facility providing for the issuance of letters of credit with the aggregate face amounts outstanding not to exceed $15.0 million.

The opportunity to participate in the DIP Loan Facility is limited to those holders of the company's Convertible Notes as of March 13, 2015 that are (i) qualified institutional buyers, as such term is defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (ii) institutional accredited investors within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (iii) an entity in which all of the equity investors are such institutional accredited investors. The opportunity to participate expires at 5:00 p.m., New York City time, on July 17, 2015 (unless extended).

The company anticipates using the proceeds of the DIP Facility to fund working capital requirements, pay costs, fees and expenses incurred in connection with the DIP Loan Facility and the transactions contemplated thereby and pay other costs and expenses with respect to the administration of the company's and certain of its subsidiaries' Chapter 11 cases.