Online information source for semiconductor professionals
Freescale taps credit agreement for $184 million
Popular articles
Voltaix names Peter Smith as CEO - 09 November 2011
Sematech Litho Forum: Sematech mulling multi-beam mask writer effort - 12 May 2010
TSMC hosts 2008 Green Forum on ‘green’ factories - 31 October 2008
Oberai discusses Magma’s move into solar PV yield management space - 29 August 2008
TSMC honors suppliers at annual Supply Chain Management Forum - 03 December 2008
Freescale 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company has a credit agreement of $750 million in total, with an expiration date of 2012, and was recorded as having withdrawn $460 million in October 2008.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.