Electronics Production |
Kemet signs agreement on new credit facility
Kemet has entered into a new medium-term credit facility in the principal amount of EUR 95.0 million with UniCredit Corporate Banking S.p.A., a financial institution headquartered in Italy and part of the Milan-based UniCredit Group.
Kemet previously announced on June 3, 2008 that it had received a Commitment Letter from UniCredit for this facility. Closing is expected before the end of August, 2008. Under the terms of the new credit facility, Kemet will repay the principal amount in equal, semi-annual installments during the six-year term. The credit facility will be priced at EURIBOR +1.70%, and will be unsecured. The use of proceeds from the new credit facility will be to refinance two existing short-term credit facilities with UniCredit totaling EUR 96.8 million and currently scheduled to mature in December 2008 and April 2009. The first semi-annual installment is due July 2009.
