Debt

6 Months Ended

Jun. 30, 2020

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


	June 30, 2020		December 31, 2019
	(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.:
$30 million revolving credit facility, LIBOR plus the applicable bank rate (1)	—		—
$30 million revolving credit facility, applicable bank rate plus 1.51% (2)	30,000		—
Term loan, fund floating rate plus 1.60%, due June 2020 (3)	—		24,000
Term loan, fixed rate at 1.80%, due May 2021 (4)	—		—
Term loan, applicable bank rate plus 2.03%, due July 2022	40,000		40,000
Term loan, applicable bank rate plus 2.03%, due September 2022 (5)	140,000		60,000
Term loan, applicable bank rate plus 1.77%, due April 2023 (6)	124,715		—
Term loan, LIBOR plus 2.56%, due December 2023 (7)	80,000		200,000
Term loan, applicable bank rate plus 1.98%, due December 2028 (3)	90,000		66,000
Amkor Technology Japan, Inc.:
Short-term term loans, variable rate (8)	4,762		7,071
Term loan, fixed rate at 0.86%, due June 2022	18,531		23,018
Term loan, fixed rate at 0.60%, due July 2022	4,169		5,064
Term loan, fixed rate at 1.30%, due July 2023	156,583		179,541
Term loan, fixed rate at 1.35%, due December 2024 (7)	237,654		262,407
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loan, LIBOR plus 1.60%, due March 2022	28,500		29,000
Term loan, LIBOR Plus 1.40%, due March 2022	18,750		19,250
Other:
$250.0 million senior secured revolving credit facility, LIBOR plus 1.25% - 1.75%, due July 2023 (Singapore) (9)	—		—
Revolving credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (10)	56,000		20,000
	1,554,664		1,460,351
Less: Unamortized discount and deferred debt costs, net	(9,403)		(10,117)
Less: Short-term borrowings and current portion of long-term debt	(148,872)		(144,479)
Long-term debt	$	1,396,389	$	1,305,755

(1)In October 2019, we renewed our revolving credit facility agreement with availability of $30.0 million which expires in October 2020. Principal is payable at maturity, six months after draw of funds, and interest is payable monthly in arrears. During the six months ended June 30, 2020, we borrowed $30.0 million and repaid the full $30.0 million. As of June 30, 2020, $30.0 million was available to be drawn.

(2)In May 2020, we entered into a revolving credit facility agreement with availability of $30.0 million which expires in December 2020. Principal is payable at maturity and interest is payable monthly in arrears, at an

applicable bank rate plus 1.51%. During the three months ended June 30, 2020, we borrowed the entire $30.0 million at a weighted interest rate of 2.21%, which is due September 2020.

(3)In December 2018, we entered into a term loan agreement pursuant to which we may borrow up to $90.0 million for capital expenditures. Principal is payable in semiannual installments and interest is payable quarterly in arrears (fixed at a weighted average of 4.21% as of June 30, 2020). During the six months ended June 30, 2020, we drew down the remaining $24.0 million to repay our term loan due June 2020.

(4)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%. During the three months ended June 30, 2020, we borrowed and repaid ₩60 billion ($48.4 million). As of June 30, 2020, ₩60 billion was available to be drawn.

(5)In July 2019, we entered into a $140.0 million term loan due September 2022. Principal is payable at maturity, and interest is payable quarterly in arrears (fixed at a weighted average of 2.94% as of June 30, 2020). During the six months ended June 30, 2020, we borrowed the remaining $80.0 million available under this loan.

(6)In April 2020, we entered into a KRW ₩150 billion term loan due April 2023. Principal is payable at maturity and interest is payable monthly in arrears (2.87% as of June 30, 2020). We immediately borrowed the full ₩150 billion ($124.7 million).

(7)In January 2020, we used proceeds from our term loan due December 2024 to repay $120.0 million of our term loan due December 2023.

(8)We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of June 30, 2020 is at TIBOR plus 0.10% to 0.20% (weighted average of 0.18% as of June 30, 2020). As of June 30, 2020, $6.5 million was available to be drawn.

(9)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%. During the six months ended June 30, 2020, we borrowed and repaid $150.0 million. As of June 30, 2020, $250.0 million was available to be drawn.

(10)In December 2019, we entered into a $56.0 million revolving credit facility. Interest is payable monthly at TAIFX plus the applicable bank rate (2.78% as of June 30, 2020). In December 2019, we borrowed $20.0 million with the principal payable at maturity of the facility in December 2024. During the six months ended June 30, 2020 we borrowed, repaid and re-borrowed the remaining $36.0 million at a lower interest rate, with the principal payable in December 2024, based on incurring a certain level of qualified eligible transactions.

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. We have never paid a dividend to our stockholders, and we do not have any present plans for doing so. We were in compliance with all debt covenants at June 30, 2020.