Diodes completely amends and restates $225 million five-year revolver

Chicago, June 2 – Diodes Inc. and Diodes Holding UK Ltd. amended and restated a credit agreement for a $225 million revolver with a five-year term on May 26, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures on May 26, 2028.

Swingline loans are allowed up to $50 million. The letter-of-credit limit is the lesser of $100 million and the revolving credit facility, and an alternative currency sublimit equal to the lesser of $40 million and the revolving credit facility.

There is a $125 million accordion.

Interest is at SOFR plus 87.5 basis points to 200 bps, based on a six-tier grid that will be determined using the company’s consolidated leverage ratio of 0.75x to 2.5x.

The commitment fee, in six tiers, will be between 15 bps and 30 bps.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer.

BofA Securities, Inc. and PNC Capital Markets LLC are the joint lead arrangers and joint bookrunners.

PNC Bank, NA is the syndication agent.

Citibank, NA and Regions Bank are the co-documentation agents.

Proceeds will be used to refinance certain existing debt, for working capital, for capital expenditures and for other general corporate purposes, including financing permitted acquisitions.

The credit agreement supersedes a term loan with no current balance and a previous $225 million revolver from May 29, 2020.

Diodes is a semiconductor manufacturing company based in Plano, Tex.

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