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Integrated Device obtains $200 million term loan facility via JPMorgan
By Tali Rackner
Minneapolis, April 4 – Integrated Device Technology, Inc. entered into a $200 million term loan B facility on Tuesday with JPMorgan Chase Bank, NA as administrative agent, lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.
The facility may be increased by up to $200 million in the form of incremental term loans and/or incremental revolving loan commitments, as long as the revolving commitments do not exceed $50 million.
Interest is equal to Libor plus 300 basis points, subject to a floor of zero.
The credit agreement will terminate on the earliest of: (a) April 4, 2024; (b) the date of termination of the commitments; (c) in connection with an exercise of remedies after the occurrence of an event of default; and (d) Aug. 16, 2022 if any existing convertible notes are outstanding on that date and the maturity date thereof had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024, unless the company and the guarantors shall have cash, permitted investments and/or undrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of the then-outstanding existing convertible notes.
Proceeds were used to fund a portion the company’s acquisition of GigPeak, Inc. and the tender offer for GIgPeak’s outstanding stock. Proceeds will also be used to pay off GigPeak’s existing credit facility with Silicon Valley Bank and for working capital and general corporate purposes.
San Jose, Calif. -based Integrated Device Technology is a communications semiconductor company.
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