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AMD Secures $500M Revolving Credit Facility

AMD has entered into a loan and security agreement for a principal amount up to $500 million with a group of lenders. Bank of America is acting as agent for the lenders.

Devinder Kumar (Senior vice president and chief financial officer, AMD): We expect to end the fourth quarter of 2013 with cash, cash equivalents and marketable securities, including long-term marketable securities, balances of approximately $1.2 billion and remain committed to maintaining ongoing balances of approximately $1.1 billion, our target optimal level. This secured revolving line of credit provides AMD with greater financial flexibility as we continue transforming AMD for growth across a more diverse set of markets. 

The proceeds of the credit will be used for general corporate purposes, including working capital needs, says the company.

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