Debt

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



	March 31, 2019			December 31, 2018
	(In thousands)
Debt of Amkor Technology, Inc.:
Senior notes:
6.375% Senior notes, due October 2022 (1)	$	524,971		$	524,971
6.625% Senior notes, due September 2027 (1)	525,000			—
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
$30 million revolving credit facility, LIBOR plus the applicable bank rate, due October 2019 (2)	—			—
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 (3)	96,000			125,000
Term loan, LIBOR plus 2.56%, due December 2023	200,000			200,000
Term loan, applicable bank rate plus 1.98%, due December 2028 (3)	54,000			24,000
J-Devices Corporation:
Short-term term loans, variable rate (4)	27,368			8,232
Term loan, fixed rate at 0.86%, due June 2022	29,316			31,908
Term loan, fixed rate at 0.60%, due July 2022	6,314			6,838
Term loan, fixed rate at 1.30%, due July 2023	211,077			225,180
Amkor Assembly & Test (Shanghai) Co., Ltd. (5):
Term loan, LIBOR plus 1.80%, due December 2019 (6)	28,000			48,000
Term loan, LIBOR plus 1.60%, due March 2022 (6)	20,000			—
Other:
$250 million senior secured revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) (7)	—			—
Revolving credit facility, TAIFX plus the applicable bank rate, due November 2020 (Taiwan) (8)	20,000			20,000
	1,862,046			1,334,129
Less: Unamortized premium, discount and deferred debt costs, net	(8,082		)	(1,818		)
Less: Short-term borrowings and current portion of long-term debt	(638,702		)	(114,579		)
Long-term debt	$	1,215,262		$	1,217,732

(1)

In March 2019, we issued a redemption notice for the outstanding $525 million aggregate principal amount of our 6.375% Senior Notes due 2022 ("2022 Notes"). The redemption was completed in April 2019. In accordance with the terms of the indenture governing the 2022 Notes, the redemption price was 101.594% of the principal amount of the 2022 Notes plus accrued and unpaid interest. We expect to record a one-time charge in the second quarter of 2019 of approximately $8.0 million for early extinguishment of debt. The redemption of the 2022 Notes was funded with net proceeds from our issuance of $525 million of 6.625% Senior Notes due September 2027 ("2027 Notes") in March 2019, together with cash on hand. The 2027 Notes were issued at a discount of 99.5% or $2.6 million and are senior unsecured obligations. Interest is payable semiannually on March 15 and September 15 of each year, commencing September 15, 2019. We incurred $3.6 million of debt issuance costs associated with the 2027 Notes.


(2)	In October 2018, we entered into a revolving credit facility agreement with availability of $30.0 million. Principal will be payable at the maturity date of October 2019. Interest will be payable monthly in arrears, at LIBOR plus the applicable bank rate. As of March 31, 2019, $30.0 million was available to be drawn.

(3)

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 in June 2020. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60% (4.70% as of March 31, 2019). In February 2019, we repaid $29.0 million of the outstanding balance of this term loan using the proceeds from our term loan due December 2028.

In December 2018, we entered into a term loan agreement pursuant to which we may borrow up to $90.0 million for capital expenditures. In February 2019, we borrowed $30.0 million of this term loan and used the proceeds to repay part of the term loan due June 2020. Principal of this term loan is payable in semiannual installments beginning June 2022 and ending at maturity date of December 2028. Interest is payable quarterly in arrears, at the applicable bank rate plus 1.98% (4.62% as of March 31, 2019). As of March 31, 2019, $36.0 million was available to be drawn.


(4)	We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of March 31, 2019 is at TIBOR plus 0.17% to 0.26% (weighted average of 0.20% as of March 31, 2019). As of March 31, 2019, $4.0 million was available to be drawn.


(5)	In April 2019, we entered into a term loan agreement with availability of $20.0 million. Principal will be payable in semiannual installments of $0.5 million, with the remaining balance due at maturity, three years after the first borrowing. Interest will be payable quarterly at a floating rate of LIBOR plus 1.40%.

(6)

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 date of December 2019. Interest is payable quarterly at a floating rate of LIBOR plus 1.80% (4.60% as of March 31, 2019). In March 2019, we repaid $20.0 million of the outstanding balance of this term loan using the proceeds from our term loan due March 2022.

In March 2019, we entered into a $30.0 million term loan agreement due March 2022. We borrowed $20.0 million under this term loan and repaid part of the term loan due December 2019. Principal is payable in semiannual installments of $0.5 million, with the remaining balance due at maturity. Interest is payable quarterly at a floating rate of LIBOR plus 1.60% (4.21% as of March 31, 2019). As of March 31, 2019, $10.0 million was available to be drawn. In April 2019, we borrowed an additional $10.0 million of this new term loan and used the proceeds along with cash on hand to repay the remaining $28.0 million outstanding of the term loan due December 2019.

(7)

In July 2018, our subsidiary, Amkor Technology Singapore Holding Pte, Ltd., entered into a $250.0 million senior secured revolving credit facility, which is guaranteed by Amkor Technology, Inc. The availability for our revolving credit facility is based on the amount of eligible accounts receivable. As of March 31, 2019, we had availability of $176.0 million with no outstanding standby letters of credit.


(8)	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 the applicable bank rate (3.78% as of March 31, 2019). As of March 31, 2019, $19.0 million was available to be drawn.

Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable 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 March 31, 2019.