Fairchild Semiconductor Reduces Debt and Refinances Term Loan
May 23 2011 - 8:00AM
Business Wire
Fairchild Semiconductor (NYSE: FCS), a leading global supplier
of high performance power and mobile products, announced today that
it has entered into a new $400 million revolving credit facility
which replaces its existing revolver and term loan. Fairchild will
use the proceeds from the refinancing and approximately $19 million
in cash to retire the old revolver and term loan B credit facility
which were due to mature in June 2012 and June 2013 respectively.
Fairchild will initially draw approximately $300 million from the
new facility, which will leave $100 million of undrawn capacity.
The new facility matures in May 2016 and enables Fairchild to
borrow at an interest rate of LIBOR plus 175 basis points.
“We’re pleased to complete this debt reduction and refinancing
while taking advantage of the favorable market conditions,” said
Mark Frey, Fairchild’s executive vice president and CFO. “This
relatively low cost revolver structure and new five year maturity
gives Fairchild considerable financial flexibility to support our
rapidly growing business. This deal was significantly
oversubscribed and has allowed us to narrow our debt holders to a
select group of key relationship banks.”
About Fairchild Semiconductor:
Fairchild Semiconductor (NYSE: FCS) – global presence, local
support, smart ideas. Fairchild delivers energy-efficient,
easy-to-use and value-added semiconductor solutions for power and
mobile designs. We help our customers differentiate their products
and solve difficult technical challenges with our expertise in
power and signal path products. Please contact us on the web at
www.fairchildsemi.com.
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