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Tuesday, March 26, 2013
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STMicroelectronics Gets Funding By The European Investment Bank
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STMicroelectronics has signed a new Euro 350 million loan agreement with the European Investment Bank (EIB).
The facility, which has not yet been drawn by ST, is also available in the US$ equivalent amount and has an option for disbursement until September 2014 with final maturity eight years after disbursement.
This new facility supports ST's activities in R&D related to the design and realization of the next generation of technologies and electronic devices for applications in Power, MEMS, Microcontrollers, Advanced Analog and Healthcare. This includes the full cycle from technology R&D and product development to application solutions that include software development and systems integration. These activities are mainly carried out in ST?s Italian sites of Agrate Brianza, Castelletto and Catania.
Furthermore, on March 17th, 2013, ST repaid with available cash the residual Euro 350 million floating-rate senior bonds outstanding with a principal amount of Euro 500 million at issuance. ST's capital structure, already supported by a net cash position of about US$ 1.19 billion at the end of Q4 2012, and existing committed credit lines for about US$ 490 million, has been further strengthened by this new credit facility from the EIB. |
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