Freescale borrows $200 million under revolver to redeem 10¾% notes

By Toni Weeks

San Luis Obispo, Calif., Aug. 5 – Freescale Semiconductor, Ltd.’s wholly owned indirect subsidiary, Freescale Semiconductor, Inc., borrowed $200 million from its $400 million revolving credit facility on Aug. 3, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds were used, with cash on hand, to redeem all $302 million principal amount of the company’s outstanding 10¾% senior unsecured notes due 2020.

Following the drawdown, the revolving credit facility, which is due Feb. 1, 2019, has available capacity of $184 million, as reduced by about $16 million of outstanding letters of credit.

The semiconductor manufacturer is based in Austin, Texas.

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