Daily News: September 5, 2017

JPMorgan Chase Downsizes Microchip Technology Facility


Microchip Technology amended its credit agreement with JPMorgan Chase as administrative agent to reduce total commitments from $2.774 billion to $2.727 billion.

As of August 31, 2017, the credit agreement provided for an approximately $2.774 billion revolving credit facility, which was made up of two tranches, one available until June 27, 2018 and another available until February 4, 2020.

Under the amendment, Microchip terminated the 2018 tranche commitments and entered into a Master Increasing Lender Supplement. Pursuant to the supplement, the lenders party thereto provided $165.7 million of additional 2020 tranche commitments, resulting in approximately $2.727 billion of aggregate 2020 tranche commitments.