Microchip Technology Closes $2.0 Billion Credit Agreement

The agreement has a five year term and an option to increase the amount available to $2.3 billion. The agreement replaces the $750 million unsecured credit agreement that Microchip previously had in place.

Steve Sanghi, President and CEO, said, “Microchip’s strong execution and business model have allowed us to put this credit agreement in place under what we believe are very favorable terms. The facility provides us with additional flexibility to pursue our business objectives with minimal immediate income statement impact based on our current level of borrowing activity.”

JP Morgan Securities LLC, Wells Fargo Securities, LLC, Merrill Lynch , Pierce, Fenner & Smith Incorporated, HSBC Bank USA, National Association and US Bank National Association served as Joint Bookrunners and Joint Lead Arrangers for this transaction.