NXP Semiconductors units amend, restate $2.5 billion revolver

By Mary-Katherine Stinson

Lexington, Ky., Aug. 29 – NXP Semiconductors NV’s wholly owned direct subsidiary NXP BV and wholly-owned indirect subsidiary NXP Funding LLC closed on an amended and restated revolving credit agreement on Aug. 26, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for a $2.5 billion of senior revolver which includes a $200 million sub-facility for letters of credit.

It matures Aug. 26, 2027.

Revolving loans under the agreement will bear interest at SOFR plus a 10 basis points credit spread adjustment plus an applicable margin ranging from 87.5 bps to 150 bps based on the company’s senior unsecured debt rating.

There is a commitment fee ranging from 8 bps to 22.5 bps on the undrawn portion of the revolving commitment, also based on ratings.

The company is required to maintain a consolidated interest coverage ratio of 3x as of the last day of each quarter.

Barclays is the administrative agent.

Joining Barclays are Credit Suisse Loan Funding LLC, Bank of America Europe DAC, Deutsche Bank Securities Inc., Morgan Stanley MUFG Loan Partners, LLC, Goldman Sachs Bank USA, SMBC Bank EU AG, DBS Bank Ltd., J.P. Morgan SE, Citibank Europe PLC, Dublin Branch and PNC Capital Market LLC as joint lead arrangers and joint bookrunners.

Cooperative Rabobank UA is the co-manager.

NXP is an Eindhoven, Netherlands, maker of chips for secure connectivity.

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