Debt (Tables)

9 Months Ended

Sep. 30, 2021

Summary of short-term borrowings and long-term debt

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


	September 30, 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	—		2,039
Debt of subsidiaries:
Amkor Technology Korea, Inc.: (1)
$30 million revolving credit facility, applicable bank rate plus 1.11% (2)	—		—
Term loan, applicable bank rate plus 1.77%, due April 2023	47,294		51,541
Term loan, fixed rate at 1.85%, due April 2024 (3)	—		—
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 (4)	9,740		6,663
Term loan, fixed rate at 0.86%, due June 2022	6,739		14,528
Term loan, fixed rate at 0.60%, due July 2022	1,797		3,390
Term loan, fixed rate at 1.30%, due July 2023	93,450		138,499
Term loan, fixed rate at 1.35%, due December 2024	166,457		220,823
Term loan, fixed rate at 1.20%, due December 2025	83,251		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 (5)	49,000		—
Other:
$250.0 million senior secured revolving credit facility, LIBOR plus 1.25% - 1.75%, due July 2023 (Singapore) (6)	—		—
Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (7)	—		—
	1,032,728		1,164,302
Less: Unamortized discount and deferred debt costs, net	(8,112)		(9,956)
Less: Short-term borrowings and current portion of long-term debt	(140,380)		(149,007)
Long-term debt	$	884,236	$	1,005,339

(1)In October 2021, we entered into a term loan agreement with availability of $200.0 million. The loan will mature seven years from the date of the first drawdown. Principal is payable in semiannual installments after a three-year grace period from the date of the first drawdown. Interest is payable quarterly at a fixed rate of 2.12%.

(2)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 or six months after draw of funds, whichever is sooner, and interest is payable monthly in arrears. As of September 30, 2021, $30.0 million was available to be drawn. In October 2021, this revolving credit facility was renewed for one year with availability of $30.0 million.

(3)In April 2021, we entered into a ₩80 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024. Principal is payable at maturity, and interest is payable monthly, at a fixed rate of 1.85%. During the nine months ended September 30, 2021, we borrowed and repaid $104.8 million. As of September 30, 2021, ₩80.0 billion, or approximately $68 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 September 30, 2021 is at an annual base rate equal to the Tokyo Interbank Offered Rate plus 0.15% to 0.30% (weighted average of 0.30% as of September 30, 2021). As of September 30, 2021, $5.4 million was available to be drawn.

(5)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 an annual base rate equal to the London Interbank Offered Rate, as administered by the International Exchange Benchmark Administration (“LIBOR”), plus 1.10% (weighted average of 1.22% as of September 30, 2021).

(6)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 “Singapore Revolver”). The availability for our future borrowings under the Singapore Revolver 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 September 30, 2021, $250.0 million was available for future borrowings under the Singapore Revolver.

(7)In December 2019, our subsidiary, Amkor Technology Taiwan, Ltd., 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 September 30, 2021, $36.0 million was available for future borrowings under such credit facility.