Superconductivity, Inc. designs and manufactures superconducting magnetic energy storage systems for the semiconductor markets. In addition, the company manufactures low temperature superconductor products. Superconductivity was founded in 1987 and is based in Madison, Wisconsin. As of April 8, 1997, Superconductivity, Inc. is a subsidiary of American Superconductor.
8401 Murphy Drive
Madison, WI 53562-2581
Founded in 1987
American Superconductor Corporation, ASC Devens, LLC and Superconductivity, Inc. Enter into Second Amendment to Loan and Security Agreement with Hercules Technology Growth Capital
Dec 22 14
American Superconductor Corporation, ASC Devens, LLC and Superconductivity, Inc. entered into a Second Amendment to Loan and Security Agreement with Hercules Technology Growth Capital, Inc. The Second Amendment amended the Loan and Security Agreement dated as of June 5, 2012, as amended by the First Amendment to Loan and Security Agreement dated as of November 15, 2013 (the ‘Loan Agreement,’ together with the Second Amendment, the ‘Amended Loan Agreement’), that the Loan Parties previously entered into with the Lender. The terms of the Second Amendment, among other things: provide the Company with an additional term loan in an amount equal to $1.5 million (‘New Term Loan’); provide that the principal balance of the New Term Loan bears interest at a floating per annum rate equal to 11% plus the percentage, if any, by which the prime rate exceeds 3.75%. The New Term Loan matures on March 1, 2017 (the ‘Initial Maturity Date’) and the Company will make interest-only payments on the New Term Loan beginning on January 1, 2015 and continuing through Initial Maturity Date. However, if certain conditions are met before December 31, 2015, the Initial Maturity Date will be extended to June 1, 2017 (the ‘Extended Maturity Date’); and amend the financial covenants so that the Company must maintain an initial balance of unrestricted cash and/or cash equivalents of not less than the lesser of (i) the aggregate principal outstanding on all obligations to the Lender pursuant to the Amended Loan Agreement and (ii) $5.0 million; provided that the $5.0 million will be reduced to $2.0 million if the Company meets certain conditions before June 30, 2015. In connection with the closing of the Second Amendment, the Company also paid the Lender a facility charge of $15,000. Furthermore, on the earliest to occur of (i) the Initial Maturity Date, (ii) the Extended Maturity Date, (iii) the date that the Company prepays the New Term Loan, or (iv) the date that the New Term Loan becomes due and payable, the Company agreed to pay the Lender an end of term charge of $75,000.