Bank of China contributes to $1.895 billion USD syndicated revolving credit facility to Semtech Corporation for repayment of debt and capital expenditure purposes in 2022 (Linked to Record ID#107371)

Project narrative

On November 7, 2019, financial close was reached on a deal in which a syndicate of 10 banks—including Bank of China—entered into a $600 million USD syndicated loan agreement with Semtech Corporation, a Delaware-based semiconductor company that designs, manufactures, and sells analog and mixed-signal semiconductors. The maturity of the loan is five years, and the interest rate was LIBOR plus an applicable margin. The use of proceeds is for repayment of existing debt and capital expenditures. Bank of China contributed to this loan (Record ID#107371) While Bank of China participated in the syndicate, the following lenders also participated: HSBC Bank USA, U.S. Bank, BBVA USA, Wells Fargo Bank, Bank of the West, MUFG Union Bank, Branch Banking and Trust Company, Comerica Bank, and Silicon Valley Bank. Semtech San Diego Corporation, Semtech New York Corporation, Semtech Colorado, Inc., Sierra Monolithics, Inc., Semtech EV, Inc., Triune Systems, L.L.C., Triune IP, LLC. served as guarantors. On September 26, 2022, financial close was reached on a deal in which a syndicate of six banks—including Bank of China, Los Angeles Branch—entered into a $1.495 billion syndicated loan agreement with Semtech Corporation, a Delaware-based semiconductor company specializing in analog and mixed-signal semiconductors. This agreement includes the amended and restated $600 million USD revolving credit and also a new $895 million USD term loan agreement. Hence, the loan consisted of a five-year term loan facility and a revolving credit facility maturing in 2027, with an interest rate based on SOFR plus an applicable margin. The proceeds were intended to finance the acquisition of Sierra Wireless, Inc., a Canadian company specializing in IoT solutions, along with related fees and expenses. Bank of China contributed to this loan (Record ID#107372) While Bank of China participated in the syndicate, the following lenders also participated: Bank of the West, BankUnited N.A., BMO Harris Bank N.A., Silicon Valley Bank, and Wells Fargo Bank, National Association. Semtech San Diego Corporation, Semtech New York Corporation, Semtech Colorado, Inc., Sierra Monolithics, Inc., Semtech EV, Inc., Triune Systems, L.L.C., Triune IP, LLC. served as guarantors. On February 24, 2023, the parties entered into an amendment in which they changed certain definitions.