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BORROWING ARRANGEMENTS
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS
Senior Secured Revolving Credit Facility

On December 6, 2013, the Company entered into a five-year $300.0 million, senior secured revolving credit facility (the “Facility”), the terms of which are set forth in a Credit Agreement (the “Credit Agreement”). The Company may increase the aggregate availability under the Facility through a customary “accordion” feature in an amount not to exceed $250.0 million. The Company recorded debt issuance costs of $2.1 million associated with the Facility that are being amortized over the expected life of the Facility.

Borrowings under the Facility will be available for general corporate purposes, including working capital, stock repurchases, acquisitions and other purposes. Amounts outstanding under the Facility are due on the earlier of December 6, 2018 or 180 days prior to the maturity date of any Permitted Convertible Notes (as defined in the Credit Agreement) if, in the latter case, the Company does not otherwise have available sufficient unrestricted cash and other investments to redeem the Permitted Convertible Notes.

The Company may prepay loans under the Credit Agreement at any time, in whole or in part, upon payment of accrued interest and break funding payments, if applicable. The Company may terminate or reduce the Facility at any time without penalty. The obligations under the Facility are guaranteed by certain domestic subsidiaries of the Company, are secured by a pledge of substantially all of the assets of the Company and the guarantors, and contains affirmative, negative and financial covenants. Affirmative covenants include, among other things, the delivery of financial statements and other information. Negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, investments and transactions with affiliates. The financial covenants require the Company to maintain compliance with a maximum total leverage ratio, a maximum senior secured leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all its financial covenants under the Credit Agreement. The Credit Agreement includes customary events of default that include, among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, cross default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults and a change of control default. The occurrence of an event of default could result in an acceleration of obligations under the Credit Agreement.

At December 31, 2015, after principal repayments, the Company had $55.0 million of outstanding borrowings under the Facility. Interest on the borrowed amounts equals the applicable periodic LIBOR rate, plus 1.25% per annum, and was $1.6 million and $0.9 million for the years ended December 31, 2015 and 2014, respectively. The Facility matures on December 6, 2018.

On January 20, 2016, the Company borrowed $137.0 million under the Facility to pay a termination fee to Dialog Semiconductor plc ("Dialog") of $137.3 million in connection with the termination of the Company's transaction with Dialog.

Other Debt Obligations

The Company had other long-term debt obligations amounting to $8.9 million as of December 31, 2014, of which $7.3 million related to an amount previously advanced from a foreign government and the remaining balance of $1.6 million related to a loan owed to privately-held company in which the Company owned an equity interest until September 2015. Both debt obligations were repaid in full in 2015.