Cirrus Logic gets $225 million revolver due 2015 for acquisition plans

By Susanna Moon

Chicago, April 29 - Cirrus Logic, Inc. obtained a $225 million senior secured revolving credit facility on Tuesday in connection with its merger plans, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will be 175 basis points to 225 bps based on Cirrus Logic's leverage ratio. The unused fee is 30 bps to 40 bps.

The facility matures on the earliest of Jan. 23, 2015, the date of termination of the commitments as a result of a permanent reduction of all of the commitments by Cirrus Logic or the date of termination of the commitments as a result of an event of default.

Wells Fargo is the administrative agent.

The facility is guaranteed by all of Cirrus Logic's material domestic subsidiaries and is secured by substantially all of the assets of Cirrus Logic and any subsidiary guarantors.

The company announced on Tuesday that it plans to acquire Wolfson Microelectronics plc for about £291 million, which implies an enterprise value of about £278 million.

Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a range of audio and energy markets. The company is based in Austin, Texas.

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