Micron borrows $600 million for Singapore operations

POSTED: 09:33 MDT Friday, April 4, 2008

by Eddie Kovsky

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Micron has opened a $600 million line of credit for its joint venture TECH Semiconductor in Singapore.

The TECH subsidiary is expected to draw $220 million under the new credit facility on April 7, 2008 and retire the amount outstanding under its previous credit facility by paying off $240 million, Micron said in a statement filed with the Securities and Exchange Commission.

The line of credit will remain available through the end of the year. Repayment will be due beginning in May 2009.

The announcement was made the same day Micron reported a $777 million loss for the second quarter.

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