ANDOVER, Mass., March 31, 2017 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (NASDAQ:MKSI), a global provider of technologies that enable advanced processes and improve productivity, made a $50 million voluntary principal prepayment on its term loan. This prepayment is in addition to a scheduled principal payment of $1.6 million, and reduces the outstanding principal amount of the term loan to $575 million as of March 31, 2017, down from $780 million at origination.
"In less than one year since origination, we have made four voluntary prepayments totaling $200 million or 26% of the total term loan, demonstrating our continued focus on deleveraging our balance sheet and reducing our cost of capital," said Seth H. Bagshaw, Vice President and Chief Financial Officer.
About MKS Instruments
MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, control, power, monitor, and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control and information technology, ozone generation and delivery, RF & DC power, reactive gas generation, vacuum technology, photonics, sub-micron positioning, vibration isolation and optics. Our primary served markets include semiconductor capital equipment, general industrial, life sciences and research. Additional information can be found at www.mksinst.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this release regarding MKS management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are only predictions based on current assumptions and expectations. Actual events or results may differ materially from those in the forward-looking statements. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are the conditions affecting the markets in which MKS operates, including the fluctuations in capital spending in the semiconductor industry and other advanced manufacturing markets; fluctuations in net sales to MKS' major customers; the ability of MKS to successfully integrate Newport Corporation's operations and employees; unexpected costs, charges or expenses, or MKS' ability to realize anticipated synergies and cost savings from the Newport acquisition or other acquisitions; MKS' ability to meet its obligations under the term loan; fluctuations in interest rates; MKS' ability to successfully grow its business outside of the semiconductor capital equipment industry; potential fluctuations in quarterly results; the challenges and dependence on new product development; rapid technological and market change; acquisition strategy; manufacturing and sourcing risks, volatility of stock price; international operations; financial risk management, and the other factors described in MKS' Annual Report on Form 10-K for the period ended December 31, 2016 filed with the SEC. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation.