Foundry JV Holdco LLC Announces Successful Completion of Consent Solicitation to Holders of its Outstanding Senior Secured Notes

HOUSTON, Jan. 17, 2025 /PRNewswire/ -- Foundry JV Holdco LLC (the "Company"), a Delaware limited liability company, today announced that it has successfully completed the previously announced consent solicitation (the "Consent Solicitation") in connection with its outstanding 5.900% Senior Secured Notes due 2030, 6.150% Senior Secured Notes due 2032, 5.875% Senior Secured Notes due 2034, 6.250% Senior Secured Notes due 2035 and 6.400% Senior Secured Notes due 2038 (collectively, the "Notes") for amendments (the "Proposed Amendments") to the applicable indentures governing the Notes (as supplemented through the date hereof, the "Indentures"), each between the Company and Wilmington Trust, National Association, as trustee, under which the Notes are governed.

In connection with the Consent Solicitation, the Company has received the consents of holders of more than 50% of the aggregate principal amount of each series of Notes outstanding (excluding any Notes held by the Company or its affiliates). The Consent Solicitation expired today, January 17, 2025, at 5:00 p.m., New York City time (the "Expiration Time"). Accordingly, the Company executed a supplemental indenture for each series of Notes setting forth the Proposed Amendments to the relevant Indenture. The Company is also seeking an amendment to that certain Note Purchase Agreement, dated as of April 27, 2023, as amended by that certain Amendment No. 1 to Note Purchase Agreement, dated as of April 8, 2024.

The supplemental indentures to the Indentures became effective upon the execution of each supplemental indenture. The Proposed Amendments will become operative upon satisfaction or waiver of the conditions (the "Conditions") outlined in the Consent Solicitation Statement and the cash payment by the Company of $1.00 per $1,000 in principal amount of Notes (the "Consent Fee") for which consents were delivered prior to the Expiration Time and accepted by the Company. The Consent Fee is expected to be paid promptly upon satisfaction or waiver of the Conditions.

BNP Paribas Securities Corp. ("BNP Paribas") and Wells Fargo Securities, LLC ("Wells Fargo Securities") served as solicitation agents in connection with the Consent Solicitation. D.F. King & Co., Inc. served as the information agent and tabulation agent in connection with the Consent Solicitation. Questions regarding the terms of the Consent Solicitation may be directed to BNP Paribas at (212) 841-3059 and (888) 210-4358 (toll free) and Wells Fargo Securities at (704) 410-4235 and (866) 309-6316 (toll free), respectively.

This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to purchase or sell, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful.

ABOUT FOUNDRY JV HOLDCO LLC

The Company, which is indirectly owned by Brookfield Infrastructure Partners L.P. ((NYSE: BIP, TSX:BIP), together with its institutional partners (collectively, "Brookfield Infrastructure"), was formed in connection with a partnership between Brookfield Infrastructure and Intel Corporation ("Intel") to jointly invest in Intel's previously announced manufacturing expansion at its Ocotillo campus in Chandler, Arizona. Intel indirectly owns a 51% interest in Arizona Fab LLC ("Arizona Fab") and Brookfield Infrastructure, through the Company, indirectly owns a 49% interest in Arizona Fab. The project consists of two semiconductor wafer fabrication buildings, Fab 52 and Fab 62, together with related structures and assets and equipment owned or leased by Arizona Fab in connection therewith.

FORWARD LOOKING STATEMENTS

This news release may contain certain statements that are, or may be deemed to be, "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things: (i) statements regarding the Company and Arizona Fab, including statements regarding Arizona Fab's ability to issue dividends or make payments; (ii) statements regarding the financial condition of the Company and Arizona Fab; (iii) statements regarding any financing transactions or arrangements; (iv) statements regarding the construction timeline and status of the Fabs; (v) statements regarding any semiconductor wafer purchase, sale or other agreement to be entered into or performed substantially in the future, including the anticipated amount and timing of any revenues to be received therefrom, and statements regarding the amounts of total semiconductor wafer production capacities that are, or may become subject to such agreements; (vi) statements regarding counterparties to, or guarantors under, the Company's or Arizona Fab's contracts, including the Material Project Documents; (vii) statements regarding the Company's, Intel's or Arizona Fab's business strategy, strengths, business and operation plans or any other plans, forecasts, projections or objectives, including anticipated revenues and capital expenditures, any or all of which are subject to change; (viii) statements regarding legislative, governmental, regulatory, administrative or other public body actions, requirements, permits, investigations, proceedings or decisions; (ix) statements regarding the payment of the Consent Fee and the satisfaction or waiver of the Conditions; and (x) any other statements that relate to non-historical or future information.

These forward-looking statements are often identified by the use of terms and phrases such as "achieve," "anticipate," "believe," "contemplate," "develop," "estimate," "expect," "forecast," "plan," "potential," "project," "propose," "strategy" and similar terms and phrases, or by the use of future tense. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which are made and speak only as of the date of this Statement.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, we assume no obligation to update or revise these forward-looking statements or provide reasons why actual results may differ.

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SOURCE Foundry JV Holdco LLC