
13.	Debt

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



	December 31,
	2015			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 (1)	$	100,000		$	—
Senior notes:
7.375% Senior notes, due May 2018 (2)	—			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. (10):
$41 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due June 2016 (3)	40,000			—
Term loan, LIBOR plus 2.60%, due May 2018 (4)	120,000			—
Term loan, LIBOR plus 2.70%, due December 2019 (5)	70,000			70,000
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020 (6)	150,000			—
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020 (7)	80,000			—
Term Loan, fund floating rate plus 1.60%, due June 2020 (8)	40,000			—
Term loan, LIBOR plus 3.70%, due June 2016 (9)	—			70,000
Term loan, foreign currency funding-linked base rate plus 1.80%, due March 2017 (7)	—			80,000
Term loan, LIBOR plus 3.70%, due July 2017 (9)	—			30,000
Term loan, foreign currency funding-linked base rate plus 1.75%, due September 2017 (8)	—			5,000
J-Devices Corporation (11)(15):
Short-term credit facilities, variable rate, due February and June 2016 (12)	15,582			—
Short-term credit facility, fixed rate at 0.50%, due June 2016 (12)	5,808			—
Term loans, TIBOR plus 1.00%, due June and November 2016 (13)	2,800			—
Term loans, fixed rate at 0.53%, due April 2018 (14)	31,465			—
Amkor Technology Taiwan Ltd.:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020 (16)	10,000			—
	1,590,655			1,525,000
Add: Unamortized premium	5,222			5,824
Less: Short-term borrowings and current portion of long-term debt	(76,770		)	(5,000		)
Long-term debt (including related party)	$	1,519,107		$	1,525,824


(1)	Our $200.0 million senior secured revolving credit facility has a letter of credit sub-limit of $25.0 million. As of December 31, 2015, the borrowing base of our revolving credit facility is $164.8 million, which is adjusted based on the amount of our eligible accounts receivable. As of December 31, 2015, $64.3 million was available to be drawn.

(2)

In June 2015, we redeemed all $345.0 million aggregate principal amount of our outstanding 7.375% Senior Notes due 2018 ("Notes"). In accordance with the terms of the indenture governing the Notes, the redemption price was 101.844% of the principal amount of the Notes. We recorded a $6.4 million loss on extinguishment related to the premium paid on the call of the Notes and a $2.5 million charge for the write-off of the associated unamortized debt issuance costs. The redemption of the Notes was funded with cash on hand and borrowings under our credit facilities.


(3)	In June 2012, we entered into a $41.0 million revolving credit facility. Principal is payable at maturity. In February 2015, the facility was amended to lower the interest rate. As of December 31, 2015, $1.0 million was available to be drawn.


(4)	In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $120.0 million through May 2016 for working capital purposes. Principal is payable at maturity.


(5)	In November 2012, we entered into a term loan agreement pursuant to which we could borrow up to $100.0 million through March 2014. Principal is payable upon maturity. In April 2015, the term loan was amended and now bears interest at LIBOR plus 2.70%.


(6)	In May 2015, we entered into a term loan agreement pursuant to which we borrowed $150.0 million for the repayment of inter-company debt. Principal is payable in semiannual installments of $30.0 million beginning in May 2019, with the remaining balance due at maturity. In December 2015, the term loan was amended and now bears interest at a foreign currency funding-linked base rate plus 1.35%.

(7)

In May 2015, we entered into a term loan agreement pursuant to which we borrowed $80.0 million, replacing the existing term loan due March 2017 with that bank. Principal is payable in semiannual installments of $10.0 million beginning in May 2019, with the remaining due at maturity. In December 2015, the term loan was amended and now bears interest at a foreign currency funding-linked base rate plus 1.35%.


(8)	In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million through November 2016 for capital expenditures and terminated the term loan due September 2017. Principal is payable at maturity. At December 31, 2015, $110.0 million was available to be borrowed.


(9)	During the three months ended June 30, 2015, the outstanding balance was prepaid.


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


(11)	As of December 31, 2015, we have consolidated the debt of J-Devices.


(12)	Short term credit facilities of ¥2.6 billion ($21.4 million) mature semi-annually. The facilities are renewed at each maturity. Principal is payable in monthly installments.


(13)	Term loan agreements of ¥0.3 billion ($2.8 million) where principal is payable in monthly installments.


(14)	Term loan agreements of ¥3.8 billion ($31.5 million) where principal is payable in quarterly installments.


(15)	J-Devices has $23.5 million of debt collateralized by $85.2 million of land, factories and equipment located at our facilities in Japan.


(16)	In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. The first $30.0 million will be collateralized by land and equipment. The remaining $9.0 million is not collateralized. As of December 31, 2015, $29.0 million was available to be drawn.

Interest Rates

Interest is payable semiannually on our senior notes and quarterly or monthly on our other variable and fixed rate debt. Refer to the table above for the interest rates on our fixed rate debt and to the table below for the interest rates on our variable rate debt.



	Variable Interest Rates at December 31,
	2015		2014
Amkor Technology, Inc.:
$200 million revolving credit facility, LIBOR plus 1.25%-1.75%, due December 2019	2.13	%	—	%
Amkor Technology Korea, Inc.:
$41 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due	3.32	%	—	%
Term loan, LIBOR plus 2.60%, due May 2018	2.99	%	—	%
Term loan, LIBOR plus 2.70%, due December 2019	3.02	%	3.93	%
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020	3.19	%	—	%
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020	3.19	%	—	%
Term Loan, fund floating rate plus 1.60%, due June 2020	2.32	%	—	%
Term loan, LIBOR plus 3.70%, due June 2016	—	%	3.96	%
Term loan, foreign currency funding-linked base rate plus 1.80%, due March 2017	—	%	3.49	%
Term loan, LIBOR plus 3.70%, due July 2017	—	%	3.93	%
Term loan, foreign currency funding-linked base rate plus 1.75%, due September 2017	—	%	3.28	%
J-Devices Corporation:
Short-term credit facilities, variable rate, due February and June 2016	0.46	%	—	%
Term loans, TIBOR plus 1.00%, due June and November 2016	1.13	%	—	%
Amkor Technology Taiwan Ltd.:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020	1.66	%	—	%

Compliance with Debt Covenants

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 December 31, 2015 and 2014.

Maturities



	Total Debt
	(In thousands)
Payments due for the year ending December 31,
2016	$	76,770
2017	12,579
2018	126,306
2019	250,000
2020	200,000
Thereafter	925,000
Total debt	$	1,590,655