14. Debt

Following is a summary of short-term borrowings and long-term debt:



	March 31, 2015			December 31, 2014
	(In thousands)
Debt of Amkor Technology, Inc.:
Senior secured credit facilities:
$200 million revolving credit facility, LIBOR plus 1.25%-1.75%, due December 2019	$	—		$	—
Senior notes:
7.375% Senior notes, due May 2018	345,000			345,000
6.625% Senior notes, due June 2021, $75 million related party	400,000			400,000
6.375% Senior notes, due October 2022	525,000			525,000
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
$41 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due June 2016 (1) (6)	30,000			—
Term loan, LIBOR plus 3.70%, due June 2016 (2) (6)	70,000			70,000
Term loan, foreign currency funding-linked base rate plus 1.80%, due March 2017 (3) (6)	80,000			80,000
Term loan, LIBOR plus 3.70%, due July 2017 (1) (6)	—			30,000
Term loan, foreign currency funding-linked base rate plus 1.75%, due September 2017 (4) (6)	—			5,000
Term loan, LIBOR plus 3.70%, due December 2019 (5) (6)	70,000			70,000
Other:
Revolving credit facility, TAIFX plus a bank-determined spread, due April 2015 (Taiwan) (7)	—			—
	1,520,000			1,525,000
Add: Unamortized premium	5,677			5,824
Less: Short-term borrowings and current portion of long-term debt	(30,000		)	(5,000		)
Long-term debt (including related party)	$	1,495,677		$	1,525,824

(1)

In June 2012, we entered into a $41.0 million revolving credit facility with a Korean Bank. Principal is payable at maturity. In February 2015, the facility was amended to lower the interest rate. In February 2015, we drew $30.0 million and used the proceeds to prepay our term loan due July 2017. In April 2015, the outstanding balance was repaid. Interest is due monthly, at a foreign currency funding-linked base rate plus 1.60% (3.05% as of March 31, 2015). As of March 31, 2015, $11.0 million was available to be borrowed for general working capital purposes.

(2)

In April 2013, we entered into a term loan agreement with a Korean bank pursuant to which we may borrow up to $150.0 million through April 2016 for general working capital purposes and the repayment of inter-company debt. Principal is payable at maturity. Interest is due quarterly, at a rate of LIBOR plus 3.70% (3.97% as of March 31, 2015). As of March 31, 2015, $80.0 million was available to be borrowed.


(3)	In March 2014, we entered into a term loan agreement with a Korean bank pursuant to which we borrowed $80.0 million. Principal is payable at maturity. In January 2015, the term loan was amended to lower the interest rate. Interest is due monthly, at a foreign currency funding-linked base rate plus 1.80% (3.08% as of March 31, 2015).

(4)

In March 2013, we entered into a loan agreement with a Korean bank pursuant to which we may borrow up to $150.0 million through September 2017. Principal is payable in quarterly installments of $5.0 million starting in December 2014, with the remaining balance due at maturity. Interest is due quarterly, at a foreign currency funding-linked base rate plus 1.75% (3.20% as of March 31, 2015). At March 31, 2015, $140.0 million was available to be borrowed for capital expenditures.


(5)	In November 2012, we entered into a loan agreement with a Korean bank pursuant to which we could borrow up to $100.0 million through March 2014. Principal is payable upon maturity. Interest is payable quarterly in arrears, at LIBOR plus 3.70% (3.94% as of March 31, 2015). In April 2015, the term loan was amended and now bears interest at LIBOR plus 2.70%.


(6)	The loans in Korea are collateralized by substantially all the land, factories and equipment located at our facilities in Korea.

(7)

In September 2012, Amkor Technology Taiwan Ltd, a subsidiary in Taiwan, entered into a revolving credit facility. Availability under the revolving credit facility was originally $44.0 million and subsequent availability steps down $5.0 million every six months from the original available balance. Principal is payable at maturity. As of March 31, 2015, $19.0 million was available to be drawn for general corporate purposes and capital expenditures.

The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. The agreements governing our indebtedness contain a number of affirmative and negative covenants which restrict our ability to pay dividends and could restrict our operations. We have never paid a dividend to our stockholders and we do not have any present plans for doing so. We were in compliance with all of our covenants at March 31, 2015.