- Spansion (CODE -1.4%) expands its term loan by $84M to $300M with a reduced IR of LIBOR +3% from LIBOR +4%. The term was extended by 1 year to 2019.
- The company will use the expansion and cash to redeem the remaining $94M of its 7.875% senior notes in Jan.
- Management expects the move to reduce interest expense by $7.5M annually, representing a $0.12 boost to EPS.
Spansion expands term loan with lower IR, sees $7.5M in savings
Dec 19 2013, 12:26 ET