International Rectifier gets $100 million four-year revolving facility

By Susanna Moon

Chicago, Oct. 25 - International Rectifier Corp. may borrow up to $100 million under a four-year senior unsecured revolving credit facility at a rate of Libor plus 125 basis points.

The company closed the facility with a group of lenders led by Wells Fargo Bank, NA, which also includes JPMorgan Chase Bank NA, HSBC Bank USA, NA and Bank of the West, according to a company press release.

Proceeds will be used for working capital, acquisitions, stock repurchases and other general corporate purposes.

The unused fee is 25 bps.

"We are pleased to have received this unsecured credit facility at a very attractive interest rate in an oversubscribed deal from a strong group of lenders," Ilan Daskal, executive vice president and chief financial officer of International Rectifier, said in the release.

"While we have no immediate plans to draw upon the facility, it will provide the company with further financial flexibility to increase our capital structure efficiency and support corporate objectives."

International Rectifier is an El Segundo, Calif.-based designer, manufacturer and marketer of power management semiconductors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.