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Freescale taps credit agreement for $184 million

22 January 2009 | By Síle Mc Mahon | News > Fab Management

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FreescaleFreescale Semiconductor’s revolving credit agreement has come to the company’s aid today as it withdrew $184 million from the facility. The company has a credit agreement of $750 million in total, with an expiration date of 2012, and was recorded as having withdrawn $460 million in October 2008. Freescale had cash and cash equivalents totalling close to $1.4 billion at the end of the fourth quarter of 2008.

The credit facility includes a commitment of $60 million from Lehman Commercial Paper, Inc., which company declared bankruptcy in October last year. As a result, Freescale did not receive this funding. According to Freescale, the company also has access to about $23 million in letters of credit outstanding under the revolving credit facility.

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