Amkor Completes $200 Million Financing.Business Editors/High-Tech Writers CHANDLER Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. , Ariz.--(BUSINESS WIRE)--April 23, 2003 Amkor Technology Amkor Technology, Inc. (NASDAQ: AMKR) is a high-tech semiconductor product manufacturer that includes Intel and IBM among its primary customers. Previously headquartered in West Chester, Pennsylvania, United States, Amkor recently announced that it will move to Chandler, , Inc. (Nasdaq: AMKR AMKR Amkor Technology ) has entered into a new $200 million senior secured credit facility consisting of a $170 million term loan maturing January 31, 2006 and a $30 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. that is available through October 31, 2005. The new credit facility replaces Amkor's existing $197 million senior secured credit facility, which includes a $97 million term loan and a $100 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility that were scheduled to mature September 30, 2005 and March 31, 2005, respectively. The funds will be used to repay the $97 million term loan outstanding under the existing credit facility and for general corporate purposes. A summary of the key terms and conditions of the new credit facility is included at the end of this news release. The credit agreement is being filed this week on form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . "Completion of this new credit facility further enhances our liquidity and provides a covenant structure that will enable Amkor to more effectively manage our balance sheet and accommodate business growth," said Ken Joyce, Amkor's chief financial officer. Amkor Technology, Inc. is the world's largest provider of contract semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic The miniaturization of electronic circuits. See chip. design and manufacturing services. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com.
Summary of key terms -- $200 million senior secured credit facility:
Term loan: $170 million Matures: January 31, 2006
Revolver: $30 million Available through: October 31, 2005
Pricing -- subject to pricing grid
Term Loan: Libor + 4.00%
Revolver advances: Libor + 4.25%
Term loan amortization: 1% per year for first 2 years; 98% in year 3
Financial covenants: Minimum EBITDA
Minimum daily liquidity
Maximum annual capital expenditures
Net Asset Test
Please refer to credit agreement for complete listing of definitions
and provisions.
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