Freescale Semiconductor said it obtained new senior secured term loan facilities pursuant to an amendment to its existing facility. The proceeds from the new term loans were used to refinance its existing term loans.

According to a filing, the facility was provided by a lender group led by Citibank as administrative agent, collateral agent, swing line lender and L/C issuer.

The new term loan facility provides for two term loan tranches in an aggregate principal amount of approximately $2.74 billion, consisting of a $350 million term loan that will mature in December 2016 and a $2.39 billion term loan that will mature in March 2020. The 2016 term loan contains a provision whereby, subject to certain conditions, Freescale can call the loan at 101% of the principal amount being prepaid within six months from the closing date of the facility.

The new term loan facility is guaranteed by the same guarantors of the term loans under the prior credit facility, is secured by the same collateral securing the term loans under the prior credit facility and contains substantially the same covenants as those under the prior credit facility.