Components | December 28, 2011
ON Semi enters revolving credit facility
ON Semiconductor enters into a USD 325 million revolving credit facility.
ON Semiconductor Corporation has entered into a senior revolving credit facility with a group of lenders. The facility enables the company to borrow up to $325 million under revolving loans. The new facility has a five year term that expires in December of 2016. Fees and interest expense under the revolving credit facility can vary based on the company’s total leverage ratio. Based on the company’s current total leverage ratio, the facility is expected to bear interest at LIBOR plus 175 basis points if drawn. If the facility is undrawn, as it is currently, there is a yearly commitment fee of 35 basis points. This can vary as well based on the total leverage ratio. Under the revolving credit facility, the company is required to maintain a maximum total leverage ratio of less than 3.75 to 1.00 and a minimum interest coverage ratio of 3.50 to 1.00. The company can utilize the borrowings under the facility for areas such as general corporate purposes, working capital and acquisitions. Further information on the revolving credit facility is contained in the Form 8-K filed by the company today. “We are pleased to secure a $325 million revolving credit facility at attractive interest rates from a core group of lenders,” said Donald Colvin, ON Semiconductor executive vice president and CFO. “The facility enhances the credit profile of the company and provides ON Semiconductor with considerable financial flexibility to support our longer term corporate objectives.”
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