JPMorgan Serves as Admin Agent in Vishay Facility Increase
Vishay Intertechnology announced that it entered into an amended and restated $640 million credit facility. The senior secured facility matures on August 8, 2018. The company’s original $528 million revolving credit facility was scheduled to mature on December 1, 2015.
JPMorgan Chase Bank acted as administrative agent. J.P. Morgan Securities, Comerica Securities, RBS Citizens and HSBC Securities (USA) served as joint lead arrangers and joint bookrunners.
J.P. Morgan Securities, Comerica Bank, RBS Citizens and HSBC Bank USA, served as co-syndication agents. Bank Leumi USA and UniCredit Bank AG functioned as co-documentation agents.
Except for the term, size and pricing, the amended and restated credit facility is substantially similar to the original credit agreement.
The amended and restated credit facility also removes certain restrictions related to the incurrence and repayment of certain intercompany indebtedness, mergers, liquidations and transfers of ownership of wholly owned subsidiaries. These changes enable the Company to streamline its complex subsidiary structure and provide greater operating flexibility.
Lori Lipcaman, Vishay’s Chief Financial Officer said, “We are pleased to capitalize on favorable credit market conditions to increase the amount available to us under our credit facility to $640 million. We received commitments in excess of our targeted amount. The amended credit facility extends the term of our available credit, secures lower interest rates than we are currently paying for the next five years, and provides us with additional financial flexibility to pursue our growth plan.”