Analog Devices Establishes New $3 Billion Revolving Credit Facility
WILMINGTON, Mass., April 11, 2025 – Analog Devices, Inc. (Nasdaq: ADI) announced that it has entered into a new $3 billion revolving credit facility, expanding and extending its existing credit arrangement through a Fourth Amended and Restated Credit Agreement with a syndicate of major banks led by Bank of America, N.A. The new facility has a maturity date of April 11, 2030 and remains currently undrawn.

The credit facility includes a multicurrency borrowing feature and allows for borrowings by both Analog Devices and certain subsidiaries designated as borrowers under the agreement. Loans may be structured as Term SOFR or Base Rate loans, with applicable margins based on the company's current credit ratings. SOFR-based borrowings carry an additional 0.10% SOFR adjustment, with margins ranging between 0.46% and 0.90%, while a facility fee applies at an annual rate of 0.040% to 0.100%.

Analog Devices has the flexibility to repay and reborrow amounts at its discretion without penalty. The facility may also be extended annually upon lender approval.

The credit agreement includes customary financial covenants, including a minimum interest coverage ratio of 3.00 to 1.00, and standard negative covenants such as limits on liens and mergers. It also includes standard default provisions covering nonpayment, covenant breaches, insolvency, and change of control.

Bank of America serves as Administrative Agent, Swing Line Lender, and L/C Issuer. Other key financial institutions involved include JPMorgan Chase, Citibank, Morgan Stanley, Barclays, and BNP Paribas.

This new agreement replaces the company’s previous facility dated June 23, 2021, and strengthens ADI’s liquidity position as it continues to invest in innovation and strategic initiatives.

Analog Devices, Inc. Announces Results of Annual Shareholder Meeting
Wilmington, MA – March 12, 2025 – Analog Devices, Inc. (Nasdaq: ADI) announced the results of its annual shareholder meeting, held on March 12, 2025.

Key Voting Outcomes
1. Board of Directors Election
Shareholders elected all eleven nominees to serve until the next annual meeting. The nominees and voting results were:

Nominee Votes For Votes Against Abstentions
Vincent Roche 394,079,828 22,825,878 964,144
Stephen M. Jennings 409,592,925 7,635,785 641,140
André Andonian 410,547,435 6,673,472 648,943
Edward H. Frank 402,327,614 14,894,700 647,536
Laurie H. Glimcher 410,196,656 7,018,050 655,144
Karen M. Golz 409,590,181 7,624,355 655,314
Peter B. Henry 415,478,750 1,741,086 650,014
Mercedes Johnson 415,411,795 1,812,007 646,048
Ray Stata 413,571,891 3,659,658 638,301
Andrea F. Wainer 416,143,070 1,081,128 645,652
Susie Wee 414,623,707 2,607,813 638,330
2. Executive Compensation ("Say-on-Pay")
Shareholders approved the compensation of Analog Devices' named executive officers in an advisory vote.

Votes For Votes Against Abstentions
378,705,444 38,337,019 827,387
3. Ratification of Independent Auditor
Shareholders ratified Ernst & Young LLP as the company’s independent registered public accounting firm for fiscal year 2025.

Votes For Votes Against Abstentions
418,794,598 27,513,130 922,774
4. Amendments to Articles of Organization
Shareholders approved amendments to reduce certain voting requirements from a supermajority to a simple majority.

Votes For Votes Against Abstentions
415,526,330 1,608,806 734,714
Conclusion
Analog Devices’ board and executive compensation were strongly supported, and the company’s governance changes received overwhelming approval. The company remains focused on long-term growth and value creation for its shareholders.

Analog Devices has introduced an expanded version of its CodeFusion Studio solution, aimed at improving efficiency and data security for developers. The CodeFusion Studio System Planner offers enhanced resource allocation for heterogeneous architectures and optimized code generation, helping developers accelerate product development for the Intelligent Edge.

A key addition is the Data Provenance Software Development solution, which ensures data trust and traceability throughout its lifecycle. By using cryptographic proof and secure metadata, the solution helps maintain data integrity and authenticity, supporting reliable AI models and sensor insights.

The system planner provides a graphical utility for project creation, memory partitioning, and real-time operating system configuration, allowing developers to customize and optimize their designs. Analog Devices also announced an upgraded ADI Assure Trusted Edge Security Architecture to further enhance security measures.

These advancements are designed to help developers manage complex system designs more efficiently while ensuring secure, high-quality data for AI and machine learning applications. The new solutions will be available for early access on April 25 through Analog Devices' developer platform.

Analog Devices

Analog Devices, Inc. (ADI) reported fiscal first-quarter 2025 results that exceeded expectations, highlighting a positive start to the year with improving demand trends across key sectors.

Revenue for the quarter surpassed $2.4 billion, driven by sequential growth in Industrial, Automotive, and Communications, and double-digit year-over-year growth in Consumer. The company generated $3.8 billion in operating cash flow and $3.2 billion in free cash flow on a trailing twelve-month basis.

Continuing its long history of shareholder returns, ADI raised its quarterly dividend by 8% to $0.99 per share, marking its 21st consecutive year of increases. Additionally, the company expanded its share repurchase authorization by $10 billion, bringing the total remaining buyback capacity to approximately $11.5 billion.

CEO Vincent Roche noted that ADI outperformed its outlook despite macroeconomic and geopolitical challenges, citing strong cyclical recovery and new customer wins as key drivers. CFO Richard Puccio echoed this optimism, stating that bookings improved during the quarter, particularly in Industrial and Automotive, positioning the company for sequential and year-over-year growth in the next quarter.

With fiscal 2025 expected to be a year of growth, ADI remains focused on delivering differentiated innovation, enhancing customer experience, and maintaining an agile supply chain.

Analog Devices, Inc. is set to receive up to $105 million in funding under the CHIPS and Science Act to expand and modernize its semiconductor manufacturing facilities in Beaverton, Oregon; Camas, Washington; and Chelmsford, Massachusetts. This investment, announced by the U.S. Commerce Department, is part of a broader federal initiative to revitalize domestic semiconductor production and is expected to create 500 new jobs across all three sites.

The Beaverton plant will see the most significant upgrades, with plans to increase operations by 70%, focusing on "front-end mature node semiconductor manufacturing" for applications in automotive, industrial, and defense sectors. The funding will also enable the company to adopt environmentally friendly manufacturing practices, strengthen local workforce training, and expand partnerships with universities and community colleges to support the Silicon Forest ecosystem.

This expansion builds on Analog Devices' previous $1 billion investment in Beaverton, which was completed in 2024. The site currently employs approximately 950 people, with global operations totaling 24,000 employees.

Analog Devices' funding is part of a larger effort under the CHIPS Act, which has already allocated $1.9 billion to Intel in Hillsboro, $72 million to Microchip Technologies in Gresham, and $53 million to HP in Corvallis. Nationally, other recipients include Coherent in Pennsylvania, IntelliEPI in Texas, and Sumika in Texas, bringing the total announced investment to $246 million. This initiative reflects a federal push to enhance U.S. technological leadership and semiconductor manufacturing capacity.