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GT Advanced Technologies selling stock and debt

NEW YORK (AP) -- GT Advanced Technologies said Tuesday it plans to sell 12 million shares of stock and $125 million in debt due in 2020.

The company said it will use the proceeds for working capital and general corporate purposes, which may include acquisitions. The underwriters of the sale will have an option to buy another 1.8 million shares and $18.8 million in convertible senior notes.

Its shares fell 63 cents, or 6.3 percent, to $9.31 in afternoon trading.

GT Advanced Technologies Inc. creates products for use in consumer electronics and other technologies. It lost $63 million in 2012 and has lost about $45 million over the first three quarters of the year as its revenue has fallen by more than half.

In November, the Merrimack, N.H., company said it will supply sapphire material to Apple Inc. as part of a multi-year agreement. GT is getting $578 million upfront as a prepayment, and said it wanted to build a recurring revenue stream for its sapphire business.