News Article
Freescale enhances its liquidity
The company draws $460 million under its revolving credit agreement.
Freescale Semiconductor announced it has received approximately $460 million by making a draw under its $750 million revolving credit facility under its credit agreement, which expires in 2012.
“We made this proactive financial decision to further enhance our liquidity and cash position,” said Alan Campbell, senior vice president and chief financial officer. “This improves the company’s financial flexibility as we continue to execute our business plans.”
The company had cash and cash equivalents totalling approximately $1.3 billion at the third quarter ended September 26, 2008. The company’s revolving credit facility includes a $60 million commitment from Lehman Commercial Paper, which filed for bankruptcy on October 5, 2008. The company’s borrowing request was not honoured by Lehman Commercial Paper.
“We made this proactive financial decision to further enhance our liquidity and cash position,” said Alan Campbell, senior vice president and chief financial officer. “This improves the company’s financial flexibility as we continue to execute our business plans.”
The company had cash and cash equivalents totalling approximately $1.3 billion at the third quarter ended September 26, 2008. The company’s revolving credit facility includes a $60 million commitment from Lehman Commercial Paper, which filed for bankruptcy on October 5, 2008. The company’s borrowing request was not honoured by Lehman Commercial Paper.
