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Semtech announces $400 million credit agreement

Semtech Corporation announces it has executed a new credit agreement consisting of a senior secured term loan facility in the principal amount of USD 150 million and a USD 250 million senior secured revolving credit facility.
This new credit agreement replaces the existing USD 350 million credit facility. Based on current LIBOR rates, the after tax interest rate will be approximately 1.3 percent, which is approximately half the rate associated with the existing facility.

Emeka Chukwu, Semtech’s Senior Vice President, Finance and Chief Financial Officer, stated: “Our solid financial performance, driven by our diversified and balanced business model, has allowed us to take advantage of the favorable borrowing environment to meaningfully reduce our borrowing costs while enhancing our operational flexibility.”

Second quarter 2014 GAAP earnings will be impacted by approximately USD 8.7 million in non-cash costs associated with the early retirement of the existing long term debt.

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