MAGNACHIP SEMICONDUCTOR Corp (MX): debt financing — Magnachip subsidiary secures KRW 40B (~$28.9M) term loan from Korea Development Bank

MAGNACHIP SEMICONDUCTOR Corp

Term loan of KRW 40 billion (~$28.9M) fully funded March 26, 2024; initial interest rate 4.86% per annum.
Loan matures March 26, 2027; monthly interest-only payments with principal due at maturity.
Secured by pledge of Fab 3 properties in Gumi, Korea via a Kun-Pledge Agreement.
Prepayment allowed only with penalty: remaining days to maturity x 1.2% / full 3-year term days.
Proceeds intended for working capital and exploring strategic options to enhance shareholder value.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

MAGNACHIP SEMICONDUCTOR Corp incurred term loan of KRW 40,000,000,000 (approximately $28.9 million) with Korea Development Bank at 3-month CD rate quoted by KDB, plus 1.21% maturing March 26, 2027.

Instrument: term loan
Principal: KRW 40,000,000,000 (approximately $28.9 million)
Counterparty: Korea Development Bank
Rate: 3-month CD rate quoted by KDB, plus 1.21%
Maturity: March 26, 2027
Event: incurrence

Exact text from the filing

The Loan Agreement provides for a working capital term loan (the “Term Loan”) of KRW 40,000,000,000 (approximately $28.9 million based on the KRW/USD exchange rate of KRW 1,340.7:$1 as of March 26, 2024 as quoted by KEB Hana Bank), which was funded in full to MSK on March 26, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MAGNACHIP SEMICONDUCTOR Corp entered into Standard Credit Agreement with Korea Development Bank valued at KRW 40,000,000,000 (approximately $28.9 million) (effective 2024-03-26).

Action: entry
Agreement: credit facility
Counterparty: Korea Development Bank
Value: KRW 40,000,000,000 (approximately $28.9 million)
Effective: 2024-03-26

Exact text from the filing

executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”).

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Source: SEC EDGAR

accession 0001193125-24-082089

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