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Advanced Micro Devices has announced that the company and its subsidiary (AMD International Sales & Service) have entered into a loan and security agreement for a principal amount up to $500 million with a group of lenders and Bank of America, N.A. acting as agent for the lenders. 

The proceeds of the secured revolving line of credit may be used for general corporate purposes, including working capital needs.  Availability under the secured revolving line of credit is limited to a borrowing base of 85% of eligible accounts receivable, less certain reserves. The obligations under the secured revolving line of credit are secured by the borrowers’ accounts receivable and inventory. The five-year secured revolving line of credit will mature on November 12, 2018. No drawings were made under the secured revolving line of credit on the closing date of the loan agreement.

“We have made significant progress during the last year strengthening our capital structure to support our strategic growth plans. We expect to end the fourth quarter of 2013 with cash, cash equivalents and marketable securities, including long-term marketable securities, balances of approximately $1.2 billion and remain committed to maintaining ongoing balances of approximately $1.1 billion, our target optimal level. This secured revolving line of credit provides AMD with greater financial flexibility as we continue transforming AMD for growth across a more diverse set of markets,” said Devinder Kumar, AMD senior vice president and chief financial officer.

Tags: AMD, Business

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Comments currently: 3
Discussion started: 11/13/13 06:53:46 AM
Latest comment: 11/14/13 11:32:14 PM
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1. 
This is a very good sign. Bank of America is the biggest lender to Fortune500 companies.
0 0 [Posted by: linuxlowdown  | Date: 11/13/13 06:53:46 AM]
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Yes but at what interest rate ?
0 0 [Posted by: JBG  | Date: 11/14/13 11:32:14 PM]
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2. 
So, maybe Bank of America will produce better CPUs and GPUs ...
0 0 [Posted by: Tristan  | Date: 11/13/13 10:15:50 AM]
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