Analog Devices restates $750 million revolving loan agreement

By Wendy Van Sickle

Columbus, Ohio, July 13 – Analog Devices, Inc. amended and restated its $750 million credit agreement dated Dec. 9, 2012 with Bank of America, NA as administrative agent on Friday, according to an 8-K filed with the Securities and Exchange Commission.

The agreement provides up to $750 million in revolving loans with a $75 million sublimit for standby letters of credit and a $25 million sublimit for swing line loans.

There is $250 million accordion feature.

Initial interest is at Libor plus 90 basis points. For borrowings other than swing line loans, it can range from Libor plus 69 bps to Libor plus 110 bps based on the company’s debt rating. There is no prepayment penalty.

Swing line loans will bear interest at Base rate flat to Base rate plus 10 bps.

There’s a facility fee ranging from 6 bps to 15 bps, with the initial fee at 10 bps.

At closing, no money was drawn under the facility.

The facility matures July 10, 2020.

Joint lead arrangers and joint bookrunners are Merrill Lynch, Pierce Fenner & Smith Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC. Co-syndication agents are JPMorgan Chase Bank, NA and Credit Suisse Securities (USA) LLC.

The maker of signal processing chips is based in Norwood, Mass.

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