Vishay Intertechnology entered into an amended and restated $640 million credit facility. The senior secured facility matures on December 10, 2020.

JPMorgan Chase acted as administrative agent. J.P. Morgan Securities, Comerica Securities, Citizens Bank and HSBC Bank USA served as joint lead arrangers and joint bookrunners. J.P. Morgan Securities, Comerica Bank, Citizens Bank and HSBC Bank USA served as co-syndication agents. UniCredit Bank AG, New York Branch functioned as documentation agent.

Borrowings under the amended credit facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay’s leverage ratio. Based on Vishay’s current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount.

Lori Lipcaman, Vishay’s chief financial officer said, “We are pleased that we were able to extend our credit facility, while also reducing our cost and improving our financial flexibility.”