Freescale loan amendment to allow for debt issuances does not pass

By Sara Rosenberg

New York, Dec. 8 - Freescale Semiconductor Holdings I Ltd. failed to get enough lender consents by its Monday deadline to push its credit facility amendment through, according to a market source.

Under the amendment proposal, the company was looking for permission to issue secured and unsecured debt as long as proceeds are used to reduce the term loan dollar-for-dollar.

In addition, the amendment would have given the company the ability to amend and extend its credit facility at a later date.

Lenders were being offered a 7½ basis point amendment fee.

Citigroup was leading the amendment.

Freescale is an Austin, Texas-based designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial and networking markets.

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