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.