Bank Credit Agreements and Other Short-Term and Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Bank Credit Agreements and Other Short-Term and Long-Term Debt

Note 8 – Bank Credit Agreements and Other Short-term and Long-term Debt

Short-term debt

Our Asia subsidiaries maintain credit facilities with several financial institutions through our foreign entities worldwide totaling $172.8 million. Other than two Taiwanese credit facilities that are collateralized by assets, our foreign credit lines are unsecured, uncommitted and contain no restrictive covenants. These credit facilities bear interest at LIBOR or similar indices plus a specified margin. Interest payments are due monthly on outstanding amounts under the credit lines. The unused and available credit under the various facilities as of December 31, 2022, was approximately $136.0 million, net of $36.3 million advanced under our foreign credit lines and $0.4 million credit used for import and export guarantee.

Long-term debt

The Company maintains a long-term credit facility (“U.S. Credit Agreement”) consisting of a term loan with a current balance of zero and a $200.0 million revolving senior credit facility with zero drawn as of December 31, 2022. In addition to our U.S. Credit Agreement, our 51% owned subsidiary, ERIS, had long-term debt of $25.8 million, at December 31, 2022, from local Taiwan banks. The outstanding ERIS debt matures in various periods from 2024 through 2033.

Diodes Hong Kong Limited, a company incorporated under the laws of Hong Kong and a subsidiary of the Company, entered into a Facility Agreement (the “Facility”) with The Hongkong and Shanghai Banking Corporation Limited and the other parties identified therein pursuant to which Diodes Hong Kong Limited obtained from the lenders a US Dollar revolving loan facility in an aggregate amount equal to $105.0 million. Diodes Hong Kong Limited used a portion of the proceeds from the Facility (i) to refinance certain existing indebtedness and (ii) to finance working capital requirements and its general corporate purposes.

Borrowings outstanding as of December 31, 2022 and December 31, 2021, are set forth in the table below:

	December 31,
Description	2022			2021			Interest Rate	Current Amount Maturity
Short-term debt	$	36,280		$	18,068		Various indices plus margin	Various during 2023
Long-term debt
Notes payable to Bank of Taiwan		2,063		$	2,492		2-yr deposit rate floating plus 0.1148%	June 2033
Notes payable to CTBC Bank		13,840			16,168		TAIBOR 3M plus 0.5%	May 2024
Notes payable to CTBC Bank		3,256			3,614		TAIBOR 3M plus 0.5%	December 2024
Notes payable to E Sun Bank		3,256			3,614		1-M deposit rate floating plus 0.08%	December 2024
Notes payable to E Sun Bank		276			371		1-M deposit rate floating plus 0.08%	June 2027
Notes payable to E Sun Bank		1,516			1,771		1-M deposit rate floating plus 0.08%	June 2030
Notes payable to Bank of Taiwan		1,628			1,807		2-year deposit rate floating plus 0.082%	September 2024
Notes payable to HSBC		105,000			100,000		1M SOFR+Margin	January 2025
Notes payable to HSBC		18,558			-		1M Libor+Margin	January 2025
Notes Payable to E Sun Bank		166			-		2-yr deposit rate plus annual rate floating	"September 2023
Notes Payable to Taishin International Bank		43			-		Annual rate plus cost of capital	April-23
Notes Payable to Taishin International Bank		11			-		Fixed annual rate	April-23
Notes Payable to Taishin International Bank		217			-		Fixed annual rate	April-24
Notes payable to Chang Hwa Bank		518			-		2-yr deposit rate floating plus 1.405% - 1.655%	June-July 2026
Term loan and revolver		-			155,122		Libor plus margin	January 2023
Total long-term debt		150,348			284,959
Less: Current portion of long-term debt		(1,693	)		(17,381	)
Less: Unamortized debt-issuance costs		(1,185	)		(2,004	)
Total long-term debt, net of current portion	$	147,470		$	265,574

The table below sets forth the annual contractual maturities of long-term debt at December 31, 2022:

2023	$	1,693
2024		21,892
2025		124,150
2026		530
2027		431
2029 and thereafter		1,652
Total long-term debt	$	150,348