KEMET Announces Completion of Refinancing With Sumitomo Mitsui Trust Bank
FORT LAUDERDALE, Fla., Nov. 07, 2018 (GLOBE NEWSWIRE) -- KEMET Corporation, a Delaware corporation ("KEMET" or the "Company"), a leading global supplier of passive electronic components, announced today that TOKIN Corporation, a Japanese incorporated subsidiary of the Company ("TOKIN"), has completed the funding of, and received the proceeds from, the 33 billion Japanese Yen (approximately $292 million) Term Loan Agreement (the "New Term Loan Facility") by and among TOKIN, the lenders party thereto (the "Lenders") and Sumitomo Mitsui Trust Bank Limited, in its capacity as agent, arranger and Lender, which was previously entered into and announced on October 29, 2018. The proceeds from the New Term Loan Facility were used by TOKIN to make intercompany loans to the Company. The Company used the proceeds of the loans from TOKIN, together with other cash on hand, to prepay in full all of the outstanding amounts under the Company's prior Term Loan Credit Agreement dated April 28, 2017 (the "Prior Term Loan Facility") by and among the Company, KEMET Electronics Corporation, a Delaware corporation, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent, and to pay related fees, costs and expenses (including a prepayment penalty of 1%). The Company had approximately $323.4 million outstanding under the Prior Term Loan Facility. For details of the specific terms of the New Term Loan Facility, please refer to the Company's Current Report on Form 8-K dated October 29, 2018 related to these transactions.
About KEMET
The Company's common stock is listed on the NYSE under the ticker symbol "KEM" (NYSE: KEM). At the Investor Relations section of our website at www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier of electronic component solutions demanding the highest standards of quality, delivery and service. Additional information about KEMET can be found at www.kemet.com.
Contact:
William M. Lowe, Jr.
EVP and Chief Financial Officer
williamlowe@kemet.com
954-766-2840 or
864-963-6484
