Vishay Intertechnology Announces Amendment and Extension of $750 Million Credit Facility

Vishay Intertechnology

MALVERN, PA — Vishay Intertechnology, Inc. (NYSE: VSH) this week announced that it has entered into an amendment and restatement of its $750 million credit facility.

The amended and restated credit facility extends the maturity date of the revolving credit agreement until May 8, 2028, replaces the existing total leverage ratio used for financial covenant compliance measurement with a net leverage ratio, and replaces the LIBOR-based interest rate and related LIBOR-based mechanics applicable to U.S. dollar borrowings under the revolving credit agreement with an interest rate based on the Secured Overnight Financing Rate (“SOFR”) (including a customary spread adjustment) and related SOFR-based mechanics.

The amended and restated credit facility also allows for borrowings in euro, British sterling, and Japanese yen, subject to a $250 million limit. Borrowings in foreign currency bear interest at a local reference rate plus an interest margin. The applicable interest margin is based on Vishay’s total leverage ratio. Based on Vishay’s current total leverage ratio, borrowings bear interest at SOFR plus 1.60%, including the applicable credit spread. Vishay also pays a commitment fee, also based on its total leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current total leverage ratio, is 0.25% per annum.

Lori Lipcaman, Vishay’s Chief Financial Officer said, “The amendment and extension of our credit facility provides us with more than ample financial and operating flexibility to execute our plans for growth.”

JPMorgan Chase Bank, N.A. acted as administrative agent. JP Morgan Chase Bank, N.A.; Comerica Bank; HSBC Bank USA, National Association; UniCredit Bank AG; and TD Bank, N.A. served as joint lead arrangers, joint bookrunners, and co-syndication agents. Santander Bank, National Association and Bank of America, N.A. functioned as co-documentation agents.

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