Freescale Semiconductor replaces loan with new $425 million revolver

By Jennifer Chiou

New York, March 7 - Freescale Semiconductor, Inc. entered into the fourth amendment to its senior secured credit facility to, among other things, replace its existing revolving credit facility with a new $425 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The filing added that the new revolver may be increased to $500 million in certain circumstances.

Freescale entered into the amendment on Friday.

The replacement revolver has terms and conditions substantially similar to those of the existing revolving credit facility, the filing added.

The new revolver will mature on July 1, 2016. The maturity will be accelerated to Sept. 1, 2014 in the event that Freescale fails to maintain a specified leverage ratio for the June 30, 2014 test period and the outstanding principal amount of the company's unsecured notes due Dec. 15, 2014 exceeds $500 million as of Sept. 1, 2014.

Freescale makes embedded processing semiconductors and is based in Austin, Texas.

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