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Freescale Closes Amended And Restated Credit Facility

Stocks in this article: FSL

Freescale Semiconductor, Inc. (“Freescale”), an indirect wholly owned subsidiary of Freescale Semiconductor, Ltd., announced today that effective March 1, 2013, it obtained new senior secured term loan facilities pursuant to an amendment and restatement of the company’s senior secured credit facility. The new credit facility provides for two term loan tranches in an aggregate principal amount of approximately $2.74 billion, consisting of a $350 million term loan that will mature in December 2016 and a $2.39 billion term loan that will mature in March 2020. The maturity of the 2020 term loan may be accelerated to December 2017 under specified circumstances. The terms of the existing revolving credit facility remain substantially unchanged. The new facilities will replace pre-existing debt maturities of approximately $2.2 billion in 2016 and $496 million in 2018.

The new 2016 term loan bears interest at a rate equal to (i) for base rate borrowings, the applicable base rate plus 2.25%, and (ii) for Eurocurrency borrowings, the applicable LIBOR rate plus 3.25% (with LIBOR of not less than 1.0%). The new 2020 term loan bears interest at a rate equal to (i) for base rate borrowings, the applicable base rate plus 2.75%, and (ii) for Eurocurrency borrowings, the applicable LIBOR rate plus 3.75% (with LIBOR of not less than 1.25%). Freescale, at its discretion, designates each loan as a base rate borrowing or a Eurocurrency borrowing for each interest period. Each of the term loans amortizes quarterly at an annual rate of 1.0% of the initial loan commitments.

The proceeds from the new term loans were used to refinance the existing term loans under Freescale’s credit facility and to pay a portion of the related fees and expenses. Freescale expects to use cash on hand to pay any remaining fees and expenses.

The new term loans are guaranteed by the same guarantors of the term loans under the prior credit facility, are secured by the same collateral securing the term loans under the prior credit facility, and contain substantially the same covenants as those under the prior credit facility.

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