Silicon Labs borrows $350 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 1 – Silicon Laboratories Inc. provided notice to administrative Wells Fargo Bank, NA on March 27 to borrow $310 million under its $400 million revolving credit facility due Aug. 7, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company said it increased its borrowings as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of uncertainty in the global markets stemming from the novel coronavirus outbreak.

The proceeds will be available to be used for general corporate purposes and/or to finance all or a portion of the purchase price payable in connection with an asset purchase agreement entered into with Redpine Signals, Inc. on March 11.

Silicon Laboratories is an Austin, Tex.-based fabless semiconductor company.

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