Lam Research borrows all $1.25 billion under its credit agreement

By Sarah Lizee

Olympia, Wash., March 17 – Lam Research Corp. requested to borrow the full $1.25 billion available under its amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Based on the current rating of the company’s non-credit enhanced senior unsecured long-term debt, the initial interest rate for the first three-month period ending June 22 will be Libor plus 90 basis points.

The amount borrowed may be used for general corporate purposes.

The company may repay the amount borrowed at any time without penalty.

The credit facility will mature on Oct. 13, 2022.

Lam is a Fremont, Calif.-based semiconductor manufacturing equipment company.

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