TOKYO–(BUSINESS WIRE)–Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced the conclusion of a commitment line agreement as described below:
1. Purpose
The objective of the agreement is, to secure flexible means of procuring financing in order to meet funding requirements for future business developments and to secure working capital, as well as to improve the stability of the Company’s financial base.
2. Overview of Commitment Line Agreement
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Counterparties of agreement |
MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited., Resona Bank, Ltd. |
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Maximum loan amount |
75 billion yen |
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Date of agreement |
July 13, 2020 |
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Term of agreement |
Two years |
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Collateral and guarantee |
No collateral or guarantees |
3. Future Outlook
The conclusion of this agreement will not have a material impact on Renesas’ consolidated financial results for the fiscal year ending December 31, 2020.
(Reference)
A commitment line is a contract whereby a financial institution promises (commits) a loan to a company within a predetermined period and maximum amount between the company and the financial institution. By entering into this agreement, Renesas will be able to procure the necessary funds in a timely manner within the set period and maximum amount.
Forward-Looking Statements
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas Electronics and its consolidated subsidiaries (collectively “we”) are forward-looking statements involving risks and uncertainties. We caution you in advance that actual results may differ materially from such forward-looking statements due to several important factors including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; and fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar. Among other factors, downturn of the world economy; deteriorating financial conditions in world markets, or deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.
Contacts
Media Contacts
Kyoko Okamoto
Renesas Electronics Corporation
+81 3-6773-3001
pr@renesas.com
Investor Contacts
Shigeo Muto
Renesas Electronics Corporation
+81 3-6773-3002
ir@renesas.com