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Execution of Syndicated Loan Agreement

15 Jan 2019

TOKYO, Japan― As announced in the press release “Regarding Acquisition of Stock of Integrated Device Technology, Inc.” issued on September 11, 2018, Renesas Electronics Corporation (“Renesas”, TSE: 6723), a premier supplier of advanced semiconductor solutions, resolved at the Meeting of Board of Directors held on September 11, 2018 to reach an agreement with Integrated Device Technology, Inc (“IDT”, NASDAQ: IDTI), whereby IDT will become a wholly-owned subsidiary of Renesas, and has thus concluded a merger agreement with IDT.

In accordance with the merger agreement, Renesas expects to acquire all of the shares in IDT at a price of US$6.7 billion (approximately ¥733.0 billion at an exchange rate of 110 yen to the dollar) through a merger of IDT with Renesas’ wholly-owned subsidiary to be established in Delaware, United States for the purpose of the acquisition of IDT (a reverse triangular merger). To finance a portion of the funds necessary for the acquisition of IDT, as announced in the press release “Execution of Term Loan Agreement for IDT Acquisition” issued on October 11, 2018, Renesas entered into a term loan agreement. Today, Renesas has terminated this term loan agreement and has newly entered into a syndicated loan agreement as described below.

Following approval by IDT shareholders and the relevant regulatory authorities, the acquisition is expected to be completed within the first half of the fiscal year ending December 31, 2019

Please access link for full article via : https://www.renesas.com/sg/en/about/press-center/news/2019/news20190115.html