Amkor Technology gets $150 million amended and restated facility

By Sara Rosenberg

New York, July 2 - Amkor Technology Inc. amended and restated its credit facility, increasing availability to $150 million from $100 million and extending the maturity by two years to June 28, 2017, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Also, pricing on the facility was reduced to a range of Libor plus 150 basis points to 225 bps based on availability.

In addition, the fixed charge coverage ratio of 1.10 to 1.00 now becomes applicable if availability is less than 17.5% of the aggregate revolving commitments, rather than if availability is less than the greater of $30 million or 20% of aggregate revolving commitments.

Bank of America is the administrative agent on the deal that was completed on June 28.

The company also announced that its subsidiary, Amkor Technology Korea Inc., closed on June 28 on a $150 million five-year term loan from the Korea Development Bank that is being used to repay existing debt and for capital additions.

Pricing is Libor plus 390 bps on the $50 million tranche A and Libor plus 394 bps on the $100 million tranche B.

There is call protection of 150 in the first three years, 70 in the fourth year and 50 in the last year.

Amkor is a Chandler, Ariz.-based provider of outsourced semiconductor packaging and test services.

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