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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Following is a summary of short-term borrowings and long-term debt:
September 30, 2023December 31, 2022
 (In thousands)
Debt of Amkor Technology, Inc.:   
Senior notes:   
6.625% Senior notes, due September 2027
$525,000 $525,000 
Debt of subsidiaries:   
Amkor Technology Korea, Inc.:
Term loan, fixed rate at 1.85%, due April 2024 (1)
— — 
Term loan, fixed rate at 2.12%, due December 2028
200,000 200,000 
Amkor Technology Japan, Inc.:
Short-term term loans, variable rate (2)9,574 4,042 
Term loan, fixed rate at 1.30%, due July 2023
— 29,744 
Term loan, fixed rate at 1.35%, due December 2024
47,700 86,943 
Term loan, fixed rate at 1.20%, due December 2025
32,838 49,878 
Term loan, fixed rate at 1.23%, due December 2026
57,006 79,927 
Term loan, fixed rate at 1.59%, due December 2027
89,342 119,738 
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loans, SOFR plus 0.75%, due March 2024 (3)
45,000 46,000 
Term loans, SOFR plus 0.75%, due June 2025 (3)
38,000 39,000 
Term loans, SOFR plus 0.75%, due 2025 (3)
58,000 59,500 
Other:
Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (4)— — 
Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (5)
— — 
1,102,460 1,239,772 
Less: Unamortized discount and deferred debt costs, net(5,343)(7,438)
Less: Short-term borrowings and current portion of long-term debt(149,890)(143,813)
Long-term debt$947,227 $1,088,521 
(1)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%. As of September 30, 2023, ₩80.0 billion, or approximately $59 million, was available to be drawn.
(2)We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of September 30, 2023 is at an annual base rate equal to the Tokyo Interbank Offered Rate plus 0.18% to 0.20% (weighted average of 0.25% as of September 30, 2023). As of September 30, 2023, $4.5 million was available to be drawn.
(3)In June 2023, Amkor Assembly & Test Co. Ltd. amended all term loans to replace London Interbank Offered Rate (“LIBOR”) with a Secured Overnight Financing Rate (“SOFR”) plus 0.75% annual base rate (weighted average of 6.05% as of September 30, 2023). This contractual amendment is treated as a modification with no recognized gain or loss.
(4)In March 2022, Amkor Technology Taiwan Ltd. (“ATT”) amended an existing revolving credit facility to reduce availability from $36.0 million to $15.0 million. As of September 30, 2023, $15.0 million was available for future borrowings under such credit facility.
(5)In March 2022, Amkor Technology Singapore Holdings Pte. Ltd. (“ATSH”) entered into a $600.0 million senior revolving credit facility (the “2022 Singapore Revolver”), which is guaranteed by Amkor Technology, Inc., ATT and Amkor Advanced Technology, Inc. (“AATT”). The maximum borrowing capacity under the 2022 Singapore Revolver is limited to a base amount equal to the lesser of: (1) $600.0 million; or (2) $250.0 million plus a variable amount equal to 37.5% of our consolidated accounts receivable balance. As of September 30, 2023, $600.0 million was available for future borrowings under the 2022 Singapore Revolver.
Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable in the respective locations. As of September 30, 2023, the collateralized debt balance was $568.0 million, of which $336.0 million of assets were pledged as collateral.
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., ATT, AATT, and ATSH 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 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 September 30, 2023.