Cypress Semiconductor lifts loan to $150 million, modifies covenants

By Marisa Wong

Madison, Wis., June 13 - Cypress Semiconductor Corp. entered into a fifth amendment to its amended and restated loan and security agreement with Silicon Valley Bank on Monday.

The loan agreement amends and restates Cypress' loan agreement originally dated March 2, 2009 and amended on March 1, 2010, March 1, 2011, Feb. 28 and March 28.

The company increased available borrowings under the loan agreement to $150 million from $55 million.

The amendment also modifies the loan's financial covenants by replacing the requirement to maintain a minimum tangible net worth with a requirement to maintain a maximum leverage ratio.

The maturity date of the loan remains March 27, 2013.

Interest is equal to Libor plus 250 basis points. The unused line fee is 10 bps.

As of Monday, $50 million was outstanding under the loan.

Cypress is a semiconductor manufacturer based in San Jose, Calif.

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