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KLA enters into $1.5 billion unsecured five-year revolver
By Wendy Van Sickle
Columbus, Ohio, June 8 – KLA Corp. entered into a credit agreement providing for a $1.5 billion unsecured five-year revolver on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The new credit facility replaces the company’s existing revolver dated Nov. 30, 2017.
There is a $250 million accordion feature.
The revolver expires on June 8, 2027 and is subject to two one-year extension options; $275 million was drawn at closing. Proceeds may be used for general corporate purposes.
Borrowings bear interest at an adjusted term SOFR rate plus a spread ranging from 75 basis points to 125 bps, and the facility fee on the daily undrawn amount ranges from 4.5 bps to 12.5 bps, depending on the company’s credit ratings.
A sustainability-linked pricing component provides for interest rate and facility fee reductions or increases based on meeting or missing targets related to environmental sustainability, specifically greenhouse gas emissions and renewable energy usage.
JPMorgan Chase Bank, NA, BofA Securities, Inc., Citibank, NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. J.P. Morgan Securities LLC is sustainability structuring agent. Bank of America, NA, Citibank and Wells Fargo Bank, NA are syndication agents, and BNP Paribas, DBS Bank Ltd., Industrial and Commercial Bank of China Ltd., New York Branch, Bank of Nova Scotia, Truist Bank and U.S. Bank NA are documentation agents.
KLA develops and manufactures process-control and process-enabling solutions for electronic devices. The company is based in Milpitas, Calif.
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