Debt

Short-term borrowings and long-term debt consist of the following:



	December 31,
	2017			2016
	(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)	$	—		$	—
Senior notes:
6.625% Senior notes, due June 2021 (2)	200,000			400,000
6.375% Senior notes, due October 2022	524,971			524,971
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
$75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due June 2018 (3)	75,000			—
Term loan, LIBOR plus 2.70%, due December 2019	55,000			55,000
Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020	150,000			150,000
Term loan, fixed rate at 3.70%, due May 2020 (4)	120,000			—
Term loan, fund floating rate plus 1.60%, due June 2020 (5)	86,000			86,000
Term loan, LIBOR plus 2.60%, due May 2018 (4)	—			120,000
Term loan, foreign currency funding-linked base rate plus 1.33%, due May 2020 (3)	—			80,000
J-Devices Corporation:
Short-term term loans, variable rates (6)	30,455			22,230
Term loans, fixed rate at 0.53%, due April 2018	6,744			19,460
Term loan, fixed rate at 0.86%, due June 2022 (7)	39,933			—
Term loan, fixed rate at 0.60%, due July 2022 (8)	8,430			—
Other:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020 (Taiwan) (9)	20,000			20,000
Term loan, LIBOR plus 1.80%, due December 2019 (China) (10)	49,000			—
	1,365,533			1,477,661
Less: Unamortized premium and deferred debt costs, net	(1,104		)	(2,831		)
Less: Short-term borrowings and current portion of long-term debt	(123,848		)	(35,192		)
Long-term debt (including related party)	$	1,240,581		$	1,439,638

(1)

Our $200.0 million senior secured revolving credit facility has a letter of credit sub-limit facility of $25.0 million. Principal is payable at maturity. The availability for the revolving credit facility is based on the amount of our eligible accounts receivable. As of December 31, 2017, we had availability of $199.4 million under this facility, after reduction of $0.6 million of outstanding standby letters of credit.

(2)

In July 2017, we redeemed $200.0 million aggregate principal amount of the outstanding $400.0 million of our 6.625% Senior Notes due 2021 ("Notes"), which included $17.5 million held by a related party. In accordance with the terms of the indenture governing the Notes, the redemption price was 101.656% of the principal amount of the Notes, plus accrued and unpaid interest. We recorded a $3.3 million loss on extinguishment related to the premium paid on the call of the Notes and a $1.1 million charge for the write-off of the associated unamortized debt issuance costs. The redemption of the Notes was funded with cash on hand. In 2017, our related party sold all of its remaining Notes in the open market reducing the long-term debt, related party balance to zero.


(3)	In April 2017, we decreased the revolving credit facility from $100.0 million to $75.0 million. Principal is payable at maturity, which was extended in June 2017 for one year to June 2018. In April 2017, we borrowed $75.0 million on this facility and repaid the outstanding balance of $80.0 million on our term loan due May 2020.


(4)	In May 2017, we entered into a $120.0 million term loan agreement to repay the $120.0 million term loan due in 2018. The new term loan agreement extended the maturity date to 2020 and changed the interest rate to a fixed rate. Principal is payable at maturity.


(5)	In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million for capital expenditures. Principal is payable at maturity. As of December 31, 2017, $64.0 million was available to be borrowed.


(6)	We entered into various short-term loans which mature semiannually. Principle is payable in monthly installments. As of December 31, 2017, $6.2 million was available to be drawn.


(7)	In June 2017, we entered into a ¥5.0 billion term loan agreement for capital expenditures. Principal is payable in quarterly installments of ¥250.0 million. In June 2017, we borrowed ¥5.0 billion.


(8)	In July 2017, we entered into a ¥1.0 billion term loan agreement for capital expenditures. Principal is payable in quarterly installments of ¥50.0 million. In July 2017, we borrowed ¥1.0 billion.


(9)	In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. As of December 31, 2017, $19.0 million was available to be drawn.


(10)	In December 2016, we entered into a $50.0 million term loan agreement. Principal is payable in semiannual installments of $0.5 million, with the remaining balance due at maturity. In January 2017, we borrowed $50.0 million.

Our foreign debt is generally collateralized by the land, buildings and equipment in the respective locations. The carrying value of the collateral exceeds the carrying amount of the debt.

Interest Rates

Interest is payable semiannually on our senior notes and quarterly or monthly on our other fixed- and variable-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.



	December 31,
	2017		2016
Amkor Technology, Inc.:
$200 million revolving credit facility, LIBOR plus 1.25%-1.75%, due December 2019	—	%	—	%
Amkor Technology Korea, Inc.:
$75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due June 2018	4.01	%	—	%
Term loan, LIBOR plus 2.60%, due May 2018	—	%	3.49	%
Term loan, LIBOR plus 2.70%, due December 2019	4.02	%	3.54	%
Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020	4.06	%	3.58	%
Term loan, foreign currency funding-linked base rate plus 1.33%, due May 2020	—	%	3.59	%
Term Loan, fund floating rate plus 1.60%, due June 2020	3.29	%	2.79	%
J-Devices Corporation:
Short-term credit facilities, variable rates	0.22	%	0.32	%
Amkor Technology Taiwan Ltd.:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020	3.18	%	2.78	%
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loan, LIBOR plus 1.80%, due December 2019	3.16	%	—	%

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, 2017 and 2016.

Maturities



	Total Debt
	(In thousands)
Payments due for the year ending December 31,
2018	$	123,848
2019	173,649
2020	326,649
2021	210,649
2022	530,738
Total debt	$	1,365,533