News
 

Bookmark and Share

(3) 

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

Discussion

Comments currently: 3
Discussion started: 11/13/13 06:53:46 AM
Latest comment: 11/14/13 11:32:14 PM
Expand all threads | Collapse all threads

[1-2]

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]
Reply
- collapse thread

 
Yes but at what interest rate ?
0 0 [Posted by: JBG  | Date: 11/14/13 11:32:14 PM]
Reply

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]
Reply

[1-2]

Add your Comment




Related news

Latest News

Tuesday, July 22, 2014

7:38 pm | AMD Vows to Introduce 20nm Products Next Year. AMD’s 20nm APUs, GPUs and Embedded Chips to Arrive in 2015

4:08 am | Microsoft to Unify All Windows Operating Systems for Client PCs. One Windows OS will Power PCs, Tablets and Smartphones

Monday, July 21, 2014

10:32 pm | PQI Debuts Flash Drive with Lightning and USB Connectors. PQI Offers Easy Way to Boost iPhone or iPad Storage

10:08 pm | Japan Display Begins to Mass Produce IPS-NEO Displays. JDI Begins to Mass Produce Rival for AMOLED Panels

12:56 pm | Microsoft to Fire 18,000 Employees to Boost Efficiency. Microsoft to Perform Massive Job Cut Ever Following Acquisition of Nokia