KLA Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT

DEBT

6个月结束

Dec. 31, 2020

The following table summarizes our debt as of December 31, 2020 and June 30, 2020:


	As of December 31, 2020				As of June 30, 2020
	数量 (In thousands)		Effective Interest Rate		数量 (In thousands)		Effective Interest Rate
固定利率4.650％高级票据于2024年11月1日到期	$	1,250,000	4.682	%	$	1,250,000	4.682	%
固定利率5.650％高级票据于2034年11月1日到期	250,000		5.670	%	250,000		5.670	%
固定利率4.100％高级票据于2029年3月15日到期	800,000		4.159	%	800,000		4.159	%
固定利率5.000％高级票据于2049年3月15日到期	400,000		5.047	%	400,000		5.047	%
固定利率3.300％高级票据于2050年3月1日到期	750,000		3.302	%	750,000		3.302	%
Revolving Credit Facility	—		—	%	50,000		1.310	%
Fixed-rate 3.47% Note Payable due on February 20, 2021	20,000		2.050	%	—		—	%
Fixed-rate 3.59% Note Payable due on February 20, 2022	20,000		2.300	%	—		—	%
全部的	3,490,000				3,500,000
Unamortized discount/premium, net	(7,421)				（8,167）
Unamortized debt issuance costs	（21,114）				(22163)
全部的	$	3,461,465			$	3,469,670
报告为：
Short-term debt	$	20,000			$	—
长期债务	3,441,465				3,469,670
全部的	$	3,461,465			$	3,469,670

As of December 31, 2020, future minimum principal payments for our debt are as follows: $20.0 million in the third quarter of fiscal 2021, $20.0 million in fiscal year 2022, $1.25 billion in fiscal year 2025 and $2.20 billion after fiscal year 2026.

高级票据和债务赎回：

In February 2020, we issued $750.0 million aggregate principal amount of senior, unsecured long-term notes (the “2020 Senior Notes”). In March 2019 and November 2014, we issued $1.20 billion (the "2019 Senior Notes”) and $2.50 billion (the "2014 Senior Notes,” and together with the 2019 Senior Notes and the 2020 Senior Notes, the “Senior Notes”), respectively,

aggregate principal amount of senior, unsecured long-term notes. In each of the second quarters of fiscal 2018 and 2020, we repaid $250.0 million of the 2014 Senior Notes and in the third quarter of fiscal 2020 we repaid another $500.0 million of the 2014 Senior Notes using the proceeds from the issuance of the 2020 Senior Notes, bringing the outstanding aggregate principal amount of the 2014 Senior Notes to $1.50 billion as of December 31, 2020.

我们资深的利率不是苏指出bject to adjustment. Interest is payable as follows: semi-annually on March 1 and September 1 of each year for the 2020 Senior Notes; semi-annually on March 15 and September 15 of each year for the 2019 Senior Notes; and semi-annually on May 1 and November 1 of each year for the 2014 Senior Notes. The indenture for the Senior Notes (the “Indenture”) includes covenants that limit our ability to grant liens on our facilities and enter into sale and leaseback transactions, subject to certain allowances under which certain sale and leaseback transactions are not restricted.

In certain circumstances involving a change of control followed by a downgrade of the rating of a series of Senior Notes by at least two of Moody’s, S&P and Fitch Inc., unless we have exercised our rights to redeem the Senior Notes of such series, we will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s Senior Notes of that series pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the aggregate principal amount of Senior Notes repurchased plus accrued and unpaid interest, if any, on the Senior Notes repurchased, up to, but not including, the date of repurchase.

Based on the trading prices of the Senior Notes on the applicable dates, the fair value of the Senior Notes as of December 31, 2020 and June 30, 2020 was approximately $4.14 billion and $4.01 billion, respectively. While the Senior Notes are recorded at cost, the fair value of the long-term debt was determined based on quoted prices in markets that are not active; accordingly, the long-term debt is categorized as Level 2 for purposes of the fair value measurement hierarchy.

As of December 31, 2020, we were in compliance with all of our covenants under the Indenture associated with the Senior Notes.

旋转信贷额度：

We have in place a Credit Agreement (the “Credit Agreement”) providing for a $1.00 billion unsecured Revolving Credit Facility (the "Revolving Credit Facility") with a maturity date of November 30, 2023. During the fiscal year ended June 30, 2020, we borrowed $450.0 million from the Revolving Credit Facility and made principal payments of $400.0 million, $200.0 million of which were repayments in the third fiscal quarter of 2020 using a portion of the proceeds from the issuance of the 2020 Senior Notes. As of June 30, 2020, we had outstanding $50.0 million aggregate principal amount of borrowings under the Revolving Credit Facility. During the first fiscal quarter of 2021, we repaid the remaining $50.0 million aggregate principal balance so that as of December 31, 2020 we had no outstanding borrowings under the Revolving Credit Facility.

We may borrow, repay and reborrow funds under the Revolving Credit Facility until the Maturity Date, at which time such Revolving Credit Facility will terminate, and all outstanding loans under such facility, together with all accrued and unpaid interest, must be repaid. We may prepay outstanding borrowings under the Revolving Credit Facility at any time without a prepayment penalty.

Borrowings under the Revolving Credit Facility will bear interest, at our option, at either: (i) the Alternative Base Rate (“ABR”) plus a spread, which ranges from 0 bps to 75 bps, or (ii) the London Interbank Offered Rate (“LIBOR”) plus a spread, which ranges from 100 bps to 175 bps. The spreads under ABR and LIBOR are subject to adjustment in conjunction with credit rating downgrades or upgrades. We are also obligated to pay an annual commitment fee on the daily undrawn balance of the Revolving Credit Facility, which ranges from 10 bps to 25 bps, subject to an adjustment in conjunction with changes to our credit rating. As of December 31, 2020, we elected to pay interest on the borrowed amount under the Revolving Credit Facility at LIBOR plus a spread of 112.5 bps, and we pay an annual commitment fee of 12.5 bps on the daily undrawn balance of the Revolving Credit Facility.

The Revolving Credit Facility requires us to maintain an interest expense coverage ratio as described in the Credit Agreement, on a quarterly basis, covering the trailing four consecutive fiscal quarters of no less than 3.50 to 1.00. In addition, we are required to maintain the maximum leverage ratio as described in the Credit Agreement, on a quarterly basis of 3.00 to 1.00, covering the trailing four consecutive fiscal quarters for each fiscal quarter, which can be increased to 4.00 to 1.00 for a period of time in connection with a material acquisition or a series of material acquisitions, as we elected to increase our maximum leverage ratio in connection with the Orbotech acquisition. As of December 31, 2020, our maximum allowed leverage ratio was 3.50 to 1.00.

截至2020年12月31日，我们符合根据信贷协议的所有盟约。

Notes Payable:

在2020年12月，我们向金融机构出售了期票，借入了4,000万美元的本金（“应付票据”）。在借入的总金额中，2021年2月20日成熟，2020万美元的余额在2022年2月20日成熟。根据债务寿险，应从应付票据的出售中获得530万美元的保费。应付票据的净收益将用于一般公司目的。

有关其他详细信息，请参阅我们的年度报告中关于截至2020年6月30日的财政年度的10-K年度报告中包含的合并财务报表票据的注释8“债务”。