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Infineon completes syndication of EUR 1.55 billion loan facilities for International Rectifier acquisition

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Infineon Technologies AG announced that it has successfully fully syndicated its €1.55 billion committed acquisition loan facilities. Proceeds from the loan facilities, together with cash-on-hand will be used to fund the acquisition of International Rectifier Corporation.

“The significant oversubscription by a diversified syndicate of banks, as well as the long term loan commitment reflect the trust of the banks in the prospects of Infineon and this important acquisition,” says Dominik Asam, chief financial officer of Infineon Technologies AG.

The €800 million and $934 million facilities, which were underwritten by Bank of America Merrill Lynch International and Citibank, London Branch have terms of up to two years and five years respectively. The acquisition of International Rectifier, which was announced on August 20, 2014, is expected to close late in the calendar year 2014 or early in the calendar year 2015.

The loan facilities were syndicated among 13 domestic and international banks. Bank of America Merrill Lynch International Limited and Citigroup Global Markets Limited acted as coordinators and bookrunners on the transaction, which was substantially oversubscribed, thus leading to a corresponding scale-back of the bank commitments.

The syndication of the acquisition loan facilities is Infineon’s largest to date, its first in ten years and establishes the company’s future group of core-banks.

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Infineon completes syndication of EUR 1.55 billion loan facilities for International Rectifier acquisition

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