Fairchild Reduces Interest Expense on Bank Debt
Fairchild Semiconductor International (South Portland, ME) announced the successful refinancing of its term B bank loan of approximately $298 million under its senior credit facility. The refinancing reduces the interest rate on all of the company's current borrowings under the credit facility by 25 basis points to the new rate approximating LIBOR plus 225 basis points.
"Our strong business performance and improving balance sheet enabled us to again reduce our borrowing costs," stated Fairchild Senior Vice President and CFO Matt Towse. "As we continue to build our leadership position as The Power Franchise®, we have increased our mix of higher margin, more stable power products, reduced manufacturing costs and grown our worldwide position, especially in Asia, the fastest growing region."