Debt

3 Months Ended

Mar. 31, 2021

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


	March 31, 2021		December 31, 2020
	(In thousands)
Debt of Amkor Technology, Inc.:
Senior notes:
6.625% Senior notes, due September 2027	$	525,000	$	525,000
Other	818		2,039
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
$30 million revolving credit facility, applicable bank rate plus 1.11% (1)	—		—
Term loan, fixed rate at 1.80%, due May 2021 (2)	—		—
Term loan, applicable bank rate plus 1.77%, due April 2023	49,474		51,541
Term loan, applicable bank rate plus 1.98%, due December 2028	50,000		50,000
Amkor Technology Japan, Inc.:
Short-term term loans, variable rate (3)	3,613		6,663
Term loan, fixed rate at 0.86%, due June 2022	11,290		14,528
Term loan, fixed rate at 0.60%, due July 2022	2,710		3,390
Term loan, fixed rate at 1.30%, due July 2023	117,413		138,499
Term loan, fixed rate at 1.35%, due December 2024	193,055		220,823
Term loan, fixed rate at 1.20%, due December 2025	93,524		105,569
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loan, LIBOR plus 1.60%, due March 2022	—		28,000
Term loan, LIBOR plus 1.40%, due March 2022	—		18,250
Term loans, LIBOR plus 1.10%, due March 2024 (4)	50,000		—
Other:
$250.0 million senior secured revolving credit facility, LIBOR plus 1.25% - 1.75%, due July 2023 (Singapore) (5)	—		—
Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (6)	—		—
	1,096,897		1,164,302
Less: Unamortized discount and deferred debt costs, net	(9,126)		(9,956)
Less: Short-term borrowings and current portion of long-term debt	(135,405)		(149,007)
Long-term debt	$	952,366	$	1,005,339

(1)In October 2020, we renewed our revolving credit facility agreement for a one-year term with availability of $30.0 million. Principal is payable at maturity, six months after draw of funds, and interest is payable monthly in arrears. As of March 31, 2021, $30.0 million was available to be drawn.

(2)In May 2020, we entered into a KRW ₩60 billion term loan agreement with the option to re-borrow the funds through May 2021. Principal is payable at maturity and interest is payable monthly in arrears, at a fixed rate of 1.80%. As of March 31, 2021, ₩60 billion, or approximately $53 million, was available to be drawn. In April 2021, we replaced this loan by entering into a ₩80 billion (approximately $72 million) term loan agreement

with the option to borrow and re-borrow the funds through April 2024. Principal is payable at maturity, and interest is payable monthly, at a fixed rate of 1.85%.

(3)We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of March 31, 2021 is at TIBOR plus 0.30% (weighted average of 0.38% as of March 31, 2021). As of March 31, 2021, $9.0 million was available to be drawn.

(4)In March 2021, we entered into a borrowing arrangement which includes a $20.0 million term loan and a $30.0 million term loan. For each term loan, principal is payable in semiannual installments of $0.5 million, with the remaining balance due at maturity. We immediately borrowed $50.0 million to repay the term loans due March 2022. Interest is payable quarterly at LIBOR plus 1.10% (weighted average of 1.29% as of March 31, 2021).

(5)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. Principal is payable at maturity. Interest is payable monthly at LIBOR plus 1.25% to 1.75%. As of March 31, 2021, $250.0 million was available to be drawn.

(6)In December 2019, we entered into a $56.0 million borrowing arrangement. This arrangement included a $20.0 million term loan and a $36.0 million revolving credit facility. As of March 31, 2021, $36.0 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 all collateral exceeds the carrying amount of the collateralized 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. and Amkor Technology Singapore Holding Pte, Ltd. guarantee 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. These restrictions are determined in part by calculations based upon cumulative net income or, in the case of our Singapore Revolver, borrowing availability, and do not currently have a material impact on our ability to make dividend payments or stock repurchases.

We were in compliance with all debt covenants at March 31, 2021.