SOURCE: Intersil

Intersil

September 01, 2011 16:08 ET

Intersil Corporation Announces $325 Million Credit Agreement

MILPITAS, CA--(Marketwire - Sep 1, 2011) - Intersil Corporation (NASDAQ: ISIL), a world leader in the design and manufacture of high performance analog and mixed signal semiconductors, announced today that it has executed a new five year $325 million revolving credit agreement, which replaces the current long-term debt. The after-tax interest rate will be approximately two percent.

"Our business model and history of strong free cash flow allowed us to obtain very favorable terms," said Jonathan Kennedy, Senior Vice President and Chief Financial Officer. "The new facility will reduce our cost of capital while providing flexibility to pursue our business objectives."

Third quarter 2011 GAAP earnings will be impacted by approximately $8 million in non-cash costs associated with the early retirement of our existing long term debt.

About Intersil
Intersil Corporation is a leader in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors. The Company's products address some of the fastest growing markets within the communications, computing, high-end consumer and industrial electronics markets. For more information about Intersil or to find out how to become a member of our winning team, visit the Company's web site and career page at www.intersil.com.

FORWARD-LOOKING STATEMENTS
Intersil Corporation press releases and other related comments may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon Intersil's management's current expectations, estimates, beliefs, assumptions and projections about Intersil's business and industry. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "potential," "continue," "goals," "targets" and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Intersil does not adopt and is not responsible for any forward-looking statements and projections made by others in this press release. Intersil's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other Intersil filings with the U.S. Securities and Exchange Commission (which you may obtain for free at the SEC's web site at http://www.sec.gov) discuss some of the important risk factors that may affect our business, results of operations and financial condition. These forward-looking statements are made only as of the date of this communication and Intersil undertakes no obligation to update or revise these forward-looking statements.