Fairchild Semiconductor Reduces Debt Another $122 million
04 August 2010 - 10:49PM
Business Wire
Fairchild Semiconductor (NYSE: FCS), a leading global supplier
of high performance power and mobile products, today announced that
on July 30, 2010 it voluntarily prepaid its B-1 incremental term
loan of $121.6 million. The incremental B-1 loan, under its
existing senior credit facility, had an interest rate of Libor +
2.50 percent. At current interest rates, this reduction in debt
saves approximately $3.2 million annually in net interest
expense.
Fairchild reduced total debt by $213 million or 40 percent since
the start of 2009 to a record low $322 million. The remaining debt
carries an interest rate of Libor +1.50 percent.
“We continue to improve our product mix and cost structure
resulting in greater profitability and cash flow,” said Mark Frey,
Fairchild’s executive vice president and CFO. “We have the
strongest balance sheet in our history and remain committed to
further debt reduction to improve earnings and valuation.”
About Fairchild Semiconductor:
Fairchild Semiconductor (NYSE: FCS) – global presence, local
support, smart ideas. Fairchild delivers energy-efficient,
easy-to-use and value-added semiconductor solutions for power and
mobile designs. We help our customers differentiate their products
and solve difficult technical challenges with our expertise in
power and signal path products. Please contact us on the web at
www.fairchildsemi.com.
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