Westport, CT – January 18, 2023 — Great Rock Capital (“Great Rock”) and Siena Lending Group (“Siena”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.

SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications.  The company designs and manufactures semiconductor wafer-based technologies for aerospace and defense, bio-medical, consumer, industrial, and automotive applications.

The revolving credit facility refinanced the company’s existing senior credit facility and will provide additional liquidity to support the future growth outlook of the business.

“To achieve our next phase of growth, it was essential to find financial partners who understood our business and liquidity needs,” said Steve Manko, CFO of SkyWater.  “Siena and Great Rock delivered by customizing a credit facility that will strengthen our liquidity and provide financial flexibility to execute on our strategic initiatives.”

“The high caliber of the SkyWater management team, coupled with the strong support of Oxbow Industries has positioned the company for significant future growth,” said Stuart Armstrong, CEO of Great Rock Capital. “We are excited to partner with a company that is advancing and expanding U.S.-based technological leadership in the critical semiconductor manufacturing industry, and it is always a pleasure to partner and execute as a team with our friends at Siena.”

“Congratulations to the SkyWater management team and to the numerous individuals involved to carry out this transaction in a short timeframe and against the rush of the holiday season,” commented Nick Payne, Managing Director at Siena. “The teams were able to work collaboratively and creatively to optimize the value of the company’s working capital assets. This is the fourth deal on which we have worked in concert with Great Rock Capital. We are grateful to have partners with whom we can work seamlessly and that can be counted on when the timeline is compressed, and execution is paramount.”

Cowen and Company, LLC acted as Exclusive Financial Advisor to SkyWater. Ballard Spahr LLP served as legal counsel for the company. Blank Rome served as legal counsel for the lenders.

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