AMD » Topics » Spansion Japan Limited Revolver

This excerpt taken from the AMD 8-K filed Sep 23, 2005.

Spansion Japan Limited Revolver

 

On September 20, 2005, Spansion Japan Limited (“Spansion Japan”), a wholly owned subsidiary of Spansion, executed an amendment to its existing revolving facility credit agreements and related ancillary agreements (the “Revolver”) with certain Japanese financial institutions (the “Amendment”). The primary purpose of the Amendment was to exclude Spansion Japan’s U.S. Dollar denominated accounts receivable from Fujitsu Limited (the “U.S. Accounts Receivable”) from the amounts held in trust pursuant to the terms of the accounts receivable trust agreement. Pursuant to the Amendment, U.S. Accounts Receivable

 

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do not secure the amounts outstanding under the Revolver. As a result of the exclusion of the U.S. Accounts Receivable described above, the aggregate loan amount available under the Revolver was decreased from 15 billion yen to 10.5 billion yen (or approximately $94 million as of September 20, 2005). Specifically, Tranche A decreased from 6.0 billion yen to 4.2 billion yen (or approximately $38 million as of September 20, 2005), and Tranche B decreased from 9.0 billion yen to 6.3 billion yen (or approximately $57 million as of September 20, 2005). In addition, the Amendment provides that on either September 26, 2005 or December 26, 2005 either party can terminate the Revolver or reduce the amounts available under Tranche A or Tranche B by giving the other party ten business days prior written notice.

 

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