Microchip trims revolver pricing, lowers commitments by $30 million

By Sarah Lizee

Olympia, Wash., Oct. 1 – Microchip Technology Inc. amended its credit agreement on Thursday with JPMorgan Chase Bank, NA as administrative agent to, among other things, reduce the margin added to the interest rate on revolving loans, according to an 8-K filing with the Securities and Exchange Commission.

The margin was lowered to a range of 100 basis points to 175 bps over Libor.

The applicable margin depends on the company’s senior leverage ratio.

The commitment fee ranges from 15 bps to 30 bps and is also based on leverage.

In addition, the revolving loan commitments were reduced by $30 million.

Microchip Technology is a Chandler, Ariz., manufacturer of microcontroller, memory and analog semiconductors.

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