3D Systems Announces Additional Partial Repurchase of Convertible Senior Notes
March 05 2024 - 8:00AM
3D Systems (NYSE:DDD) (“the Company”) today announced that it
has entered into separate, privately negotiated repurchase
agreements with a limited number of holders of its 0% Convertible
Senior Notes due 2026 (the "Notes") to repurchase $110 million
aggregate principal amount of the Notes at approximately a 22%
percent discount to par value. The debt repurchase will be paid in
cash from the Company’s balance sheet.
The repurchases are expected to close on March 8, 2024, subject
to the satisfaction of customary closing conditions. Following such
closings, approximately $214 million principal amount of the Notes
will remain outstanding, from an initial issued principal balance
of $460 million. This remaining debt will continue to be held at 0%
interest and will fully mature in November 2026.
President and CEO Dr. Jeffrey Graves stated, “Today’s announced
additional repurchase of $110 million of our 2026 notes at a
significant discount once again demonstrates our approach to
proactive liability management and disciplined execution in the
current environment. Over the last three months, we have
opportunistically reduced our 2026 maturity by over 50% to
reinforce the strength of our balance sheet, while we continue to
maintain one of the strongest levels of cash reserves in the
industry. Today’s transaction in combination with our targeted
initiatives to drive enhanced gross margins and cost efficiencies
reinforce our belief that 3D Systems is well positioned to deliver
on the bright long-term future ahead.”
No Offer or SolicitationThis press release is
neither an offer to sell nor a solicitation of an offer to buy any
securities described above, nor will there be any offer,
solicitation, or sale of any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
About 3D Systems
More than 35 years ago, 3D Systems brought the innovation of 3D
printing to the manufacturing industry. Today, as the leading
additive manufacturing solutions partner, we bring innovation,
performance, and reliability to every interaction – empowering our
customers to create products and business models never before
possible. Thanks to our unique offering of hardware, software,
materials, and services, each application-specific solution is
powered by the expertise of our application engineers who
collaborate with customers to transform how they deliver their
products and services. 3D Systems’ solutions address a variety of
advanced applications in healthcare and industrial markets such as
medical and dental, aerospace & defense, automotive, and
durable goods. More information on the company is available at
www.3DSystems.com.
Forward-Looking Statements
Certain statements made in this release that are not statements
of historical or current facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the company to be
materially different from historical results or from any future
results or projections expressed or implied by such forward-looking
statements. In many cases, forward looking statements can be
identified by terms such as “believes,” “belief,” “expects,” “may,”
“will,” “estimates,” “intends,” “anticipates” or “plans” or the
negative of these terms or other comparable terminology.
Forward-looking statements are based upon management’s beliefs,
assumptions and current expectations and may include comments as to
the company’s beliefs and expectations as to future events and
trends affecting its business and are necessarily subject to
uncertainties, many of which are outside the control of the
company. The factors described under the headings “Forward-Looking
Statements” and “Risk Factors” in the company’s periodic filings
with the Securities and Exchange Commission, as well as other
factors, could cause actual results to differ materially from those
reflected or predicted in forward-looking statements. Although
management believes that the expectations reflected in the
forward-looking statements are reasonable, forward-looking
statements are not, and should not be relied upon as a guarantee of
future performance or results, nor will they necessarily prove to
be accurate indications of the times at which such performance or
results will be achieved. The forward-looking statements included
are made only as the date of the statement. 3D Systems undertakes
no obligation to update or revise any forward-looking statements
made by management or on its behalf, whether as a result of future
developments, subsequent events or circumstances or otherwise,
except as required by law.
Investor Contact:
investor.relations@3dsystems.comMedia
Contact: press@3dsystems.com
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