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SEMTECH CORPORATION

(SMTC)
  Report
Delayed Nasdaq  -  01:00 2022-11-25 pm EST
29.61 USD   -2.63%
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SEMTECH CORP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

09/29/2022 | 04:35pm EST

Item 1.01 Entry into a Material Definitive Agreement.

On September 26, 2022, Semtech Corporation (the "Company"), with certain of its domestic subsidiaries as guarantors, entered into a Third Amendment and Restatement Agreement (the "Restatement Agreement") with the lenders referred to therein, HSBC Bank USA, National Association, as resigning administrative agent and JPMorgan Chase Bank, N.A., as successor administrative agent.

Pursuant to the Restatement Agreement, substantially concurrently with the consummation of the Company's previously disclosed acquisition of Sierra Wireless, Inc. ("Sierra Wireless"), subject to the conditions precedent set forth in the Restatement Agreement (the date of satisfaction thereof, the "Restatement Effective Date"), the Company's existing credit agreement will be amended and restated to: (i) extend the maturity date of $405 million of the $600 million in aggregate principal amount of revolving commitments thereunder from November 7, 2024 to the fifth anniversary of the Restatement Effective Date (subject to, in certain circumstances, an earlier springing maturity), (ii) provide for incurrence by the Company on the Restatement Effective Date of a new five-year term loan facility in an aggregate principal amount of $895 million, intended to be used to fund a portion of the cash consideration for the acquisition of Sierra Wireless and related fees and expenses, (iii) provide for JPMorgan Chase Bank, N.A. to succeed HSBC Bank USA, National Association as administrative agent and collateral agent under the credit agreement on the Restatement Effective Date, (iv) modify the maximum consolidated leverage covenant as set forth in the Restatement Agreement and (v) make certain other changes as set forth in the Restatement Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K, including changes consequential to the incorporation of the new term loan facility.

The summary set forth above is not intended to be complete and is qualified in its entirety by reference to the full text of the Restatement Agreement attached hereto as Exhibit 10.1.

Item 9.01 Financial Statements and Exhibits.




 (d) Exhibits




   No.      Document Description

     10.1     Third Amendment and Restatement Agreement, dated as of September
            26, 2022, by and among Semtech Corporation, the guarantors party
            thereto, JPMorgan Chase Bank, N.A., as successor administrative
            agent, and the other parties thereto

   104      The Cover Page from this Current Report on Form 8-K formatted in
            Inline XBRL (included as Exhibit 101)

© Edgar Online, source Glimpses

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Analyst Recommendations on SEMTECH CORPORATION
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Financials (USD)
Sales 2023 752 M - -
Net income 2023 123 M - -
Net Debt 2023 - - -
P/E ratio 2023 15,1x
Yield 2023 -
Capitalization 1 881 M 1 881 M -
Capi. / Sales 2023 2,50x
Capi. / Sales 2024 2,53x
Nbr of Employees 1 439
Free-Float 80,4%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 29,61 $
Average target price 50,88 $
Spread / Average Target 71,8%
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Managers and Directors
Mohan R. Maheswaran President, Chief Executive Officer & Director
Emeka N. Chukwu Chief Financial Officer & Executive Vice President
Rockell Nathan Hankin Independent Director
Asaf Silberstein EVP-Operations & Information Technology
Francois Tremblay Chief Technical Officer & VP-Design Engineering
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