Marcy’s Musings: Advancing the Advanced Materials Discussion
The Marketing Minute: Cracking the Code of Technical Marketing
Trouble in Your Tank: Implementing Direct Metallization in Advanced Substrate Packaging
Cicor Announces Exercise of Reopening Option for the Issuance of Additional Mandatory Convertible Bonds
September 27, 2022 | CicorEstimated reading time: 1 minute
Cicor Group announces that it exercises its option to reopen its issuance of mandatory convertible bonds due 2027 in an amount corresponding to CHF 40,188,000 and to sell those bonds to One Equity Partners (OEP).
Cicor has achieved sales growth of 35.7% and EBITDA growth of 29.5% in the first half 2022. This was driven by organic growth and the acquisitions of Axis Electronics (Bedford, UK) and SMT Elektronik (Dresden, Germany). Cicor expects further organic growth from recently acquired and pending new business programs. To realize that growth, Cicor is doubling its manufacturing space in Thuan Anh City, Vietnam (close to Ho Chi Minh City) by acquiring a second factory near the existing site at an investment in the mid-single digit million CHF range. Additionally, Cicor targets the acquisition of further European EMS providers contributing to increase Cicor’s market share in its core regions and markets.
The mandatory convertible bond of Cicor Technologies Ltd. ("Cicor"; "Company"; ticker symbol of the registered shares listed on the SIX Swiss Exchange "CICN"), convertible into shares of the Company at the conversion price of CHF 47.50, were initially issued with an issuance volume of CHF 20 million. Pre-subscription rights for the total volume of CHF 60.188 million were granted to shareholders. Cicor reserved the option to reopen the issuance of the mandatory convertible bond up to a total issue amount of CHF 60.188 million within 12 months after the completion of the initial issuance and offering, depending on the financing needs of the Company. OEP 80 B.V. ("OEP") has, upon request by the Company, committed to purchase further bonds up to the total issue amount for this period.
Cicor herewith exercises its option to reopen the issuance of its mandatory convertible bonds in an amount corresponding to CHF 40,188,000 and its option to sell those newly issued bonds to OEP. The net proceeds of exercise of the reopening option increase Cicor's financial flexibility and strengthen its balance sheet in relation to future acquisitions.
The Company envisages to complete the reopening of its mandatory convertible bond issuance by September 30, 2022. The additional mandatory convertible bonds are expected to be admitted to provisional trading on the SIX Swiss Exchange on September 30, 2022.
Share on:
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
U.S. Manufacturing Jobs Decline Amid Tariffs and Immigration Crackdown
09/17/2025 | I-Connect007 Editorial TeamManufacturers in the U.S. are cutting jobs even as President Donald Trump pushes policies he says will revitalize the industry. Employers shed 12,000 manufacturing jobs in August, while payrolls in the sector have fallen by 42,000 since April, according to a new analysis from the Center for American Progress (CAP) based on government labor data.
Defense Speak Interpreted: If CHIPS Cuts Back, What Happens to Electronics Packaging Funds?
09/02/2025 | Dennis Fritz -- Column: Defense Speak InterpretedIn my May column, I examined the topic of the CHIPS Act and its current status as a U.S. government program. I found that CHIPS activities continue, but some corporations have delayed or canceled them because of budget cuts or corporation-specific problems. However, CHIPS integrated circuits—mostly administered by the Department of Commerce—don’t fully drive the electronics interconnection activity being funded by the government. Let’s cover the progress/status of other programs:
Ecolab to Acquire Ovivo’s Electronics Ultra-Pure Water Business
08/15/2025 | EcolabEcolab Inc. has entered into a definitive agreement to acquire Ovivo’s Electronics business, a leading and fast-growing global provider of breakthrough ultra-pure water technologies for semiconductor manufacturing.
Eltek Ltd. Reports Strong Second-Quarter 2025 Results
08/14/2025 | PR NewswireEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended June 30, 2025.
Magnachip Semiconductor Announces YJ Kim to Step Down as CEO; Current Board Chairman Camillo Martino Appointed Interim CEO
08/14/2025 | PR NewswireMagnachip Semiconductor Corporation today announced that YJ Kim has agreed to step down as CEO and as a member of the Board of Directors, effective immediately. Camillo Martino, Chairman of the Board of Directors, has also been appointed Interim Chief Executive Officer, effective immediately.