NXP Semiconductors has announced that it is drawing $400m under its revolving credit facility in a financing move the company described as a "proactive decision".
“In view of the current global financial turmoil we are drawing $400m under our revolving credit facility. This is a proactive financial decision in order to secure availability of this facility in a turbulent financial market environment,” said Karl-Henrik Sundström, chief financial officer of NXP.
At the end of Q3, NXP’s cash position amounted to USD $1.535bn.
According to NXP the proceeds from the drawdown will strengthen its "already strong liquidity position".