This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Freescale Closes Amended And Restated Credit Facility

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs