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Microchip Technology Inc Closes $2.0 Billion Credit Agreement


Thursday, 27 Jun 2013 02:02pm EDT 

Microchip Technology Inc announced that it has executed a new $2.0 billion unsecured credit agreement with a group of lenders with $1.65 billion of such amount being a revolving loan facility and $350 million being a term loan. Borrowings under this facility are expected to be used for general corporate purposes including potential acquisition activity. The agreement has a five year term and an option to increase the amount available to $2.3 billion. The agreement replaces the $750 million unsecured credit agreement that Microchip previously had in place. JP Morgan Securities LLC, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, HSBC Bank USA, National Association and US Bank National Association served as Joint Bookrunners and Joint Lead Arrangers for this transaction.