Maxim Integrated gets $250 million revolver at Libor plus 100 bps

By Aleesia Forni

Columbus, Ohio, Oct. 13 - Maxim Integrated Products Inc. announced Thursday the closing of a new $250 million revolving credit facility.

This facility expires on Oct. 13, 2016, with interest and fees varying based on the company's credit rating.

Initially, the facility will bear interest at Libor plus 100 basis points, and the facility fee will be 12.5 bps.

The facility contains a $20 million sub-limit for short-term swing loans.

Maxim must maintain total debt at no more than 3.0 times EBITDA, as well as EBITDA greater than or equal to 3.5 times interest payments.

Proceeds may be used for general corporate purposes, including acquisitions and repurchasing its common stock.

Under the credit facility, JPMorgan Chase Bank NA is serving as administrative agent.

Bank of America NA., Wells Fargo Bank NA and Morgan Stanley MUFG Loan Partners LLC are serving as co-documentation agents.

Goldman Sachs Bank USA, Barclays Bank plc, HSBC Bank USA NA and Sumitomo Mitsui Banking Corp. New York are additional lenders.

Maxim is a Sunnyvale, Calif.-based semiconductor manufacturer.

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