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Firm client KEMET Corporation, a leading global supplier of passive electronic components, announced that its Japanese incorporated subsidiary TOKIN Corporation has entered into a new JP¥33 billion (approximately US$296 million) term loan facility to be funded by a syndicated bank group in Japan lead by Sumitomo Mitsui Trust Bank Limited. “This will provide operating flexibility to achieve our long-term growth objectives which includes growing in Japan as well as the greater Asian Pacific region,” stated Per Loof, KEMET’s chief executive officer. The proceeds from the new term loan facility are being used by KEMET, together with cash on hand, to prepay in full all of the outstanding amounts under its existing term loan credit agreement dated April 28, 2017, and to pay related fees, costs and expenses. The closing and funding of the new term loan facility, which is subject to customary terms and conditions, is expected to be on or around November 7, 2018.
The Jenner & Block team representing KEMET includes Partners H. Kurt von Moltke, Geoffrey M. Davis and Brian S. Hart and Associate Young Woo (Ariel) Cho.