Freescale Draws $184 Million Under Revolving Credit Agreement

Freescale Semiconductor has received approximately $184 million by making a draw under its $750 million revolving credit facility under its Credit Agreement, which expires in 2012.


"This action improves the company's financial flexibility as we continue to execute our business plans," said Alan Campbell, senior vice president and chief financial officer.


The company had cash and cash equivalents totaling approximately $1.4 billion at the fourth quarter ended Dec. 31, 2008. The company's revolving credit facility includes a $60 million commitment from Lehman Commercial Paper, Inc., which filed for bankruptcy on Oct. 5, 2008. The company's borrowing request was not honored by Lehman Commercial Paper. The company previously received $460 million under its revolving credit facility in Oct. 2008 and has approximately $23 million in letters of credit outstanding under the revolving credit facility.
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