Vishay Intertechnology (VSH) Declares Modification and Extension of $750M Credit score Facility
Vishay Intertechnology, Inc. (NYSE:) (“Vishay” or the “Firm”) in the present day introduced that it has entered into an modification and restatement of its $750 million credit score facility.
The amended and restated credit score facility extends the maturity date of the revolving credit score settlement till Might 8, 2028, replaces the present complete leverage ratio used for monetary covenant compliance measurement with a internet leverage ratio, and replaces the LIBOR-based rate of interest and associated LIBOR-based mechanics relevant to U.S. greenback borrowings underneath the revolving credit score settlement with an rate of interest based mostly on the Secured In a single day Financing Fee (“SOFR”) (together with a customary unfold adjustment) and associated SOFR-based mechanics.
The amended and restated credit score facility additionally permits for borrowings in euro, British sterling, and Japanese yen, topic to a $250 million restrict. Borrowings in international foreign money bear curiosity at an area reference charge plus an curiosity margin. The relevant curiosity margin is predicated on Vishay’s complete leverage ratio. Based mostly on Vishay’s present complete leverage ratio, borrowings bear curiosity at SOFR plus 1.60%, together with the relevant credit score unfold. Vishay additionally pays a dedication price, additionally based mostly on its complete leverage ratio, on undrawn quantities. The undrawn dedication price, based mostly on Vishay’s present complete leverage ratio, is 0.25% each year.
Lori Lipcaman, Vishay’s Chief Monetary Officer stated, “The modification and extension of our credit score facility gives us with greater than ample monetary and working flexibility to execute our plans for progress.”
JPMorgan Chase Financial institution, N.A. acted as administrative agent. JP Morgan Chase Financial institution, N.A.; Comerica Financial institution; HSBC Financial institution USA, Nationwide Affiliation; UniCredit Financial institution AG; and TD Financial institution, N.A. served as joint lead arrangers, joint bookrunners, and co-syndication brokers. Santander Financial institution, Nationwide Affiliation and Financial institution of America, N.A. functioned as co-documentation brokers.
