SUNNYVALE, Calif., Oct. 13, 2011 (GLOBE NEWSWIRE) -- Maxim Integrated Products, Inc. (Nasdaq:MXIM) announced today that it entered into a senior unsecured revolving credit facility. The credit facility provides that Maxim may borrow up to $250 million under revolving loans. Maxim may use any future borrowings from this facility for general corporate purposes, including funding acquisitions and repurchasing its common stock.
Under the credit facility, JPMorgan Chase Bank, N.A. is serving as Administrative Agent, Bank of America, N.A., Wells Fargo Bank, National Association and Morgan Stanley MUFG Loan Partners, LLC., are serving as Co-Documentation Agents, and Goldman Sachs Bank USA, Barclays Bank PLC, HSBC Bank USA, N.A. and Sumitomo Mitsui Banking Corporation, New York are additional lenders.
Maxim's new facility has a five-year term that expires on October 13, 2016. Interest and fees on the credit facility vary based on Maxim's credit rating. Based on Maxim's current credit ratings, the facility bears interest, at the Borrower's option, at either LIBOR plus 100.0 basis points or a base rate (described in the credit facility) and has a facility fee of 12.5 basis points. Under the credit facility, Maxim is required to maintain total debt at less than or equal to 3.0 times EBIDTA and to maintain EBITDA greater than or equal to 3.5 times interest payments. Further information on the credit facility is contained in the Form 8-K filed by Maxim today with the U.S. Securities and Exchange Commission.
About Maxim
Maxim makes highly integrated analog and mixed-signal semiconductors. Maxim reported revenue of approximately $2.5 billion for fiscal 2011. For more information, go to www.Maxim-ic.com.
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