Cabot Microelectronics Corporation (CCMP) today announced that it has amended its credit agreement entered into on November 15, 2018 to reduce the interest rate on borrowings under the agreement’s term loan facility by 25 basis points. The new term loan facility of the amended credit agreement has an aggregate principal amount of $957.0 million and bears interest at a rate per annum equal to, at the company’s option, either (a) a London Inter-bank Offered Rate (“LIBOR”), subject to a 0.00% floor, or (b) a base rate, in each case plus an applicable margin of 2.00% for LIBOR loans and 1.00% for base rate loans.

“We are proud to report a successful refinancing of our credit facility, which will deliver savings of approximately $2 million in interest payments on an annualized basis. We believe this result is consistent with the strength of our company and our ability to deliver against expectations,” said Scott Beamer, Vice President and Chief Financial Officer of Cabot Microelectronics Corporation.

The interest rate applicable to the amended credit agreement’s revolving credit facility, and the restrictive covenants, maturity dates and events of default remain unchanged from the provisions of the November 2018 credit agreement.