AMD 1999 Annual Report Download - page 159

Uncommitted:
Portion of unsecured lines of
credit available to foreign subsidiaries 71,032 68,980
Amounts outstanding at year-end under lines of credit:
Short-term 4,831 6,017
Short-term borrowings:
Average daily borrowings 5,441 5,386
Maximum amount outstanding at any month-end 6,166 6,017
Weighted-average interest rate 0.76% 1.18%
Average interest rate on amounts
outstanding at year-end 0.78% 1.06%
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Interest on foreign and short-term domestic borrowings is negotiated at the
time of the borrowing.
Information with respect to the Company's long-term debt, capital lease
obligations and other at year-end is:
(Thousands) 1999 1998
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6% Convertible Subordinated Notes with
interest payable semiannually and
principal due in April 2005 $ 517,500 $ 517,500
11% Senior Secured Notes with interest payable
semiannually and principal due on
August 1, 2003, secured by the Fab 25
facility and equipment 400,000 400,000
Term loans under the Dresden Loan Agreement
with weighted-average interest of 5.39% and
principal due between February 2001 and
December 2004, secured by the Dresden Fab 30
facility and equipment 270,374 299,679
Secured term loan with interest at LIBOR plus
2.5% (8.06% as of December 27, 1998)
payable quarterly and principal payable quarterly
from October 1998 through May 2000,
secured by the Fab 25 facility and equipment -- 218,750
Obligations under capital leases 27,805 42,812
Mortgage with principal and 9.88% interest payable
in monthly installments through April 2007 1,532 1,657
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1,217,211 1,480,398
Other 257,697 37,582
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1,474,908 1,517,980
Less: current portion (47,626) (145,564)
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Long-term debt, capital lease obligations
and other, less current portion $1,427,282 $1,372,416
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The 1996 syndicated bank loan agreement (the Credit Agreement) provided for a
$150 million three-year secured revolving line of credit and a $250 million
four-year secured term loan. On June 25, 1999, the Company terminated the
secured revolving line of credit. On July 13, 1999, the Company replaced the
Credit Agreement with a new Loan and Security Agreement (the Loan Agreement)
with a consortium of banks led by Bank of America. On July 30, 1999, the Company
repaid the outstanding principal balance of $86 million on the secured term loan
and terminated the Credit Agreement. Under the Loan Agreement, which provides
for a four-year secured revolving line of credit of up to $200 million, the
Company can borrow, subject to amounts which may be set aside by the lenders, up
to 85 percent of its eligible accounts receivable from Original Equipment
Manufacturers (OEMs) and 50 percent of its eligible accounts receivable from
distributors. The Company must comply with certain financial covenants if the
levels of domestic cash it holds declines to certain levels, or the amount of
borrowing under the Loan Agreement rises to certain levels. The Company's
obligations under the Loan Agreement are secured by a pledge of most of its
accounts receivable, inventory,
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Source: ADVANCED MICRO DEVIC, 10-K405, March 21, 2000