International Rectifier Enters into $100 Million Senior Unsecured Credit
EL SEGUNDO, Calif. -- October 25, 2012
International Rectifier Corporation (NYSE:IRF) today announced that it has
entered into a four-year senior unsecured credit facility with a group of
lenders led by Wells Fargo Bank, National Association, and also includes JP
Morgan Chase Bank NA, HSBC Bank USA, National Association and Bank of the
West. The facility enables the Company to borrow up to $100 million on a
revolving basis at an interest rate of LIBOR plus 1.25 percent for working
capital, acquisitions, stock repurchases and other general corporate purposes.
There is a commitment fee payable of 0.25 percent annually on undrawn amounts
in the facility.
The credit facility contains customary affirmative, negative and financial
covenants, and conditions. The Company intends to provide additional
information regarding the credit facility in the Company’s future reports to
be filed with the Securities and Exchange Commission.
“We are pleased to have received this unsecured credit facility at a very
attractive interest rate in an oversubscribed deal from a strong group of
lenders,” said Ilan Daskal, Executive Vice President and Chief Financial
Officer of International Rectifier. “While we have no immediate plans to draw
upon the facility, it will provide the Company with further financial
flexibility to increase our capital structure efficiency and support corporate
About International Rectifier
International Rectifier Corporation (NYSE:IRF) is a world leader in power
management technology. IR’s analog, digital, and mixed signal ICs, and other
advanced power management products, enable high performance computing and save
energy in a wide variety of business and consumer applications. Leading
manufacturers of computers, energy efficient appliances, lighting,
automobiles, satellites, aircraft, and defense systems rely on IR’s power
management solutions to power their next generation products. For more
information, go to www.irf.com.
Note: Statements made or implied in this release that are in the future tense
or that are accompanied by words such as “will,” or variations of such words
are “forward-looking” and involve risks and uncertainties that are not within
International Rectifier's control. A fuller explanation of these risks and
uncertainties is contained in International Rectifier’s periodic and other
filings from time to time with the Securities and Exchange Commission.
International Rectifier Corporation
Chris Toth, 310-252-7731
Sian Cummins, 310-252-7148
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