Debt

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



	June 30, 2018			December 31, 2017
	(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			200,000
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 September 2018 (3)	75,000			75,000
Term loan, LIBOR plus 2.70%, due December 2019	—			55,000
Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020	141,000			150,000
Term loan, fixed rate at 3.70%, due May 2020	120,000			120,000
Term loan, fund floating rate plus 1.60%, due June 2020 (4)	150,000			86,000
J-Devices Corporation:
Short-term term loans, variable rate (5)	7,223			30,455
Term loans, fixed rate at 0.53%, due April 2018	—			6,744
Term loan, fixed rate at 0.86%, due June 2022	36,114			39,933
Term loan, fixed rate at 0.60%, due July 2022	7,674			8,430
Other:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020 (Taiwan) (6)	20,000			20,000
Term loan, LIBOR plus 1.80%, due December 2019 (China)	48,500			49,000
	1,330,482			1,365,533
Less: Unamortized premium and deferred debt costs, net	(890		)	(1,104		)
Less: Short-term borrowings and current portion of long-term debt	(115,057		)	(123,848		)
Long-term debt	$	1,214,535		$	1,240,581

(1)

As of June 30, 2018, we had availability of $199.5 million under a senior secured revolving credit facility, after reduction of $0.5 million of outstanding standby letters of credit. In July 2018, this credit facility was terminated and replaced by a new facility entered into by Amkor Technology Singapore Holding Pte, Ltd. and guaranteed by Amkor Technology, Inc. This new credit facility has availability up to $250.0 million, a letter of credit sub-limit facility of $15.0 million and a termination date of July 2023. The availability for this revolving credit facility is limited to a percentage of the amount of eligible accounts receivable.

(2)

In July 2018, we issued a redemption notice for all $200 million of our 6.625% Senior Notes due 2021 ("Notes"). The note redemption is scheduled for completion in August 2018. In accordance with the terms of the indenture governing the Notes, the redemption price will be 100% of the principal amount of the Notes plus accrued and unpaid interest. The redemption of the Notes will be funded with proceeds from our ¥26.0 billion (approximately US$230 million) term loan agreement entered into in July 2018 by J-Devices Corporation and guaranteed by Amkor Technology, Inc. The term loan bears interest at a fixed rate of 1.30% per annum. Principal and interest of the term loan are payable quarterly through the maturity in July 2023.


(3)	In June 2018, we extended our $75.0 million credit facility from June 2018 to September 2018. Principal is payable at maturity. Interest is due monthly in arrears, at a foreign currency funding-linked base rate plus 1.60% (4.66% as of June 30, 2018).

(4)

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. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60% (4.27% as of June 30, 2018). In the second quarter of 2018, we borrowed $64.0 million on this facility and repaid other Amkor Technology Korea, Inc. term loans with earlier maturity dates.


(5)	We entered into various short-term term loans which mature semiannually. Principal and interest is payable in monthly installments. Interest as of June 30, 2018 is at TIBOR plus 0.15%. As of June 30, 2018, $9.0 million was available to be drawn.


(6)	In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. Interest is payable monthly, at TAIFX plus a bank determined spread (3.75% as of June 30, 2018). As of June 30, 2018, $19.0 million was available to be drawn.

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

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. From time to time, Amkor Technology, Inc. also guarantees certain debt of our subsidiaries. The agreements governing our indebtedness contain 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 debt covenants at June 30, 2018.