Freescale Semiconductor borrows $460 million under revolver

By Sara Rosenberg

New York, Oct. 24 - Freescale Semiconductor drew down about $460 million under its $750 million revolving credit facility, according to a news release.

The revolver includes a $60 million commitment from Lehman Commercial Paper Inc. The company's borrowing request was not honored by Lehman.

At the third quarter ended Sept. 26, the company had cash and cash equivalents totaling $1.3 billion.

"We made this proactive financial decision to further enhance our liquidity and cash position," said Alan Campbell, senior vice president and chief financial officer, in the release. "This improves the company's financial flexibility as we continue to execute our business plans."

Freescale Semiconductor is an Austin, Texas-based designer and manufacturer of embedded semiconductors.

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