ST completes $500mn credit-facilities program

By : |March 31, 2009 0

SINGAPORE: As part of its ongoing efforts to improve liquidity and financial flexibility, STMicroelectronics announced the completion of its $500 million medium-term committed credit-facilities program.
The $500 million of credit facilities have been provided on a bilateral basis by Intesa-San Paolo, Société Générale, Citibank, Centrobanca (UBI Group) and Unicredit. The loan agreements have been executed between October 2008 and March 2009 with commitments from the banks for up to three years. ST does not currently envisage any utilization of these credit facilities, which have been set up for liquidity purposes to strengthen the company’s financial flexibility.
Carlo Ferro, Executive Vice President and CFO, STMicroelectronics, commented “In this challenging market environment, the completion of the Credit Facilities program represents a strong endorsement of ST’s solid credit profile as well as a sign of vitality of the debt capital market towards leading corporations. Although we have no plan to draw from the new facilities, we are happy to have secured this financial flexibility in advance of any specific need, as liquidity is a key ingredient supporting ST’s business strategy."

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