Microchip amends credit agreement for $2.25 billion unsecured revolving facility
On March 25, 2025, Microchip Technology entered a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent, replacing its existing credit agreement dated December 16, 2021. The unsecured revolving facility allows borrowings of up to $2.25 billion, and no loans or letters of credit were outstanding at signing. The agreement runs until March 25, 2030, and includes covenants that restrict dividends, stock repurchases and acquisitions, as well as a change of control default.
Key points
- Unsecured revolving facility of up to $2.25 billion, with a $250 million foreign currency sublimit, a $25 million letter of credit sublimit and a $20 million swingline sublimit
- No revolving loans or letters of credit were outstanding as of March 25, 2025
- Commitments terminate March 25, 2030; the company may add up to $1.0 billion in incremental term loans or commitment increases
- Financial maintenance covenants require compliance with a maximum total leverage ratio and a minimum interest coverage ratio
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 25, 2025.
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