Ichor Holdings authorized the repurchase of up to $50 million of the company’s ordinary shares. Concurrently, the company refinanced its credit facility with a $175 term loan and a up to $125 million revolver.

“Our confidence in the continued strength of the company and positive free cash flow performance led us to approve this share repurchase program,” commented Chairman and CEO Tom Rohrs. “Ichor’s management team and board of directors firmly believe in our long-term growth prospects, and we are also committed to efficient capital allocation. Given our continued outlook for strong cash generation, as well as available funds on our new revolving credit facility, we believe the company has the financial position to continue to invest for future organic and inorganic growth, while also allocating capital toward stock repurchases on an opportunistic basis.”

The interest rate on the new term loan and revolver credit facility carries a 25 basis point reduction and extends the maturity from August 2020 to February 2023.

Bank of America served as administrative agents for the refinancing. Merrill Lynch and SunTrust Robinson Humphrey were joint lead arrangers and joint bookrunners. SunTrust Bank and BMO Capital Markets were syndication agents. Regions Bank and MUFG Union were documentation agents.

Fremont, CA-based Ichor designs, engineers and manufactures critical fluid delivery subsystems for semiconductor capital equipment.