Cypress Semiconductor ups uncommitted incremental loans to $650 million from $250 million

By Susanna Moon

Chicago, Oct. 22 – Cypress Semiconductor Corp. increased the amount of uncommitted incremental loans to $650 million from $250 million, according to an 8-K filing with the Securities and Exchange Commission.

Of that amount, $400 million of the incremental loans must be borrowed by Dec. 18. The loans may be revolving loans or term loans.

The restated credit agreement provides for a $450 million revolving credit facility and is secured by a security interest in substantially all assets of the company and the guarantors.

The company amended its credit agreement on Oct. 20 with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent.

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

As of Oct. 20, $365.7 million principal amount of loans and letters of credit were outstanding under agreement. As of that date, none of the incremental loans had been used.

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

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