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Applied Materials to use term loan borrowings for Kokusai purchase
By Sarah Lizee
Olympia, Wash., July 1 – Applied Materials, Inc. plans to use borrowings under its term loan facility along with cash on hand to help finance its $2.2 billion acquisition of Kokusai Electric Corp., according to an 8-K filing with the Securities and Exchange Commission.
The company said that following the close of the transaction, it will prioritize repayment of the term loan balance while maintaining its long-term commitment to return cash to shareholders through dividends and share repurchases.
The transaction is expected to close within about 12 months and is subject to regulatory approvals and other customary closing conditions.
Applied Materials is a Santa Clara, Calif., manufacturer of semiconductor equipment. Kokusai Electric produces semiconductor manufacturing equipment and is based in Tokyo.
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