Semtech entered a new secured credit agreement comprising a $360 million revolving credit facility, undrawn at closing, and an uncommitted incremental term loan option. The revolver matures on July 6, 2031, with a potential springing maturity linked to the company’s 2030 convertible notes. Proceeds may be used for working capital, refinancing, acquisitions, and other general purposes. At the same time, Semtech terminated and repaid in full its 2022 JPMorgan-led credit agreement, consolidating liquidity under updated terms and covenants.
New agreement details:
- Agreement type: Secured revolving credit facility with uncommitted incremental term loan
- Counterparty: Morgan Stanley Senior Funding, as Administrative Agent, and other lenders
- Signed / Effective: Jul 06 2026 / Jul 06 2026
- Duration / Termination: Through Jul 06 2031; springing maturity linked to 2030 notes
- Reason: Enhance liquidity and flexibility for operations and acquisitions
Terminated agreement details:
- Agreement terminated: Third Amended and Restated Credit Agreement
- Counterparty: JPMorgan Chase Bank, as Administrative Agent, and other lenders
- Original agreement date: Sep 26 2022
- Termination date: Jul 06 2026
- Termination type: Early
- Exit fees / payments: None
- Reason: Replaced by new credit facility
Original SEC Filing:
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