Cohu launches amendment to transition $32 million term loan to SOFR

By Sara Rosenberg

New York, May 31 – Cohu Inc. launched a negative consent amendment to shift its $32 million term loan B due October 2025 (Ba3/BB-) to SOFR from Libor and add a credit spread adjustment, according to a market source.

The CSA being offered is 10 basis points one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.

As a result of the amendment, pricing on the term loan would move to SOFR+CSA plus 300 bps from Libor plus 300 bps.

Deutsche Bank Securities Inc. is the lead on the deal.

The amendment deadline is 5 p.m. ET on June 7, the source added.

Cohu is a Poway, Calif.-based supplier of semiconductor test and inspection handlers, micro-electro mechanical system test modules, test contactors, thermal sub-systems, and semiconductor automated test equipment used by semiconductor and electronics manufacturers and semiconductor test subcontractors.

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