Vishay Intertechnology has entered into a new $750 million credit facility.

The senior secured facility matures on June 5, 2024. The new credit facility replaces a previous credit agreement that provided for an aggregate commitment of $640 million, and that was scheduled to mature on December 10, 2020.

Borrowings under the new 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 1.50%, the same as pursuant to the previous credit agreement. Vishay also pays a commitment fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current leverage ratio, is 0.25% per annum, an improvement of 5 basis points over the previous credit agreement.

Lori Lipcaman, Vishay’s Chief Financial Officer said, “Our new credit facility will provide us with significant financial and operating flexibility.”

JPMorgan Chase Bank acted as administrative agent. JP Morgan Chase, Comerica Bank; Citizens Bank, HSBC Bank USA; and UniCredit Bank served as joint lead arrangers and joint bookrunners. Comerica Bank, Citizens Bank, HSBC Bank USA, and UniCredit Bank served as co-syndication agents. Santander Bank, TD Bank, MUFG Bank, and KBC Bank functioned as co-documentation agents.

Malvern, PA-based Vishay Intertechnology is a manufacturer of discrete semiconductors and passive electronic components.