Cabot Microelectronics lowers rate on term loan to Libor plus 200 bps

By Angela McDaniels

Tacoma, Wash., Dec. 23 – Cabot Microelectronics Corp. amended its credit agreement entered into on Nov. 15, 2018 to reduce the interest rate on borrowings under the agreement’s term loan by 25 basis points, according to a company news release.

The new term loan facility of the amended credit agreement has an aggregate principal amount of $957 million and bears interest at Libor plus 200 bps with a Libor floor of zero.

The refinancing will deliver savings of about $2 million in interest payments on an annualized basis, vice president and chief financial officer Scott Beamer said in the news release.

The interest rate applicable to the amended credit agreement’s revolving credit facility and the restrictive covenants, maturity dates and events of default are unchanged.

Cabot Microelectronics, based in Aurora, Ill., supplies consumable materials to semiconductor manufacturers and pipeline companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.