Specialty foundry TowerJazz (which has fabrication plants at Tower Semiconductor Ltd in Migdal Haemek, Israel, and at its US subsidiaries Jazz Semiconductor Inc in Newport Beach, CA and TowerJazz Texas Inc in San Antonio, TX, and at TowerJazz Japan Ltd) has extended its long-term global business partnership with financial and banking institution JA Mitsui Leasing Ltd, with which TowerJazz has an established relationship in Japan through its affiliate TowerJazz Panasonic Semiconductor Co (TPSCo).
The agreement provides TowerJazz with up to $40m of an asset-based loan, which will carry annual interest of Libor+2.0%, mature between 2019 and 2022, and be used to support growth and ramp-up plans at the San Antonio fab (acquired in February from Maxim Integrated Products Inc of San Jose, CA, USA), including cross-qualification activities to address the firm's excess customer demand in its other fabs worldwide.