TowerJazz, the global specialty foundry leader, today announced it has extended its long term global business partnership with JA Mitsui, a leading financial and banking institution, with whom the company has an established relationship in Japan through its TPSCo Japanese affiliate. The agreement provides the Company with up to $40 million of an asset based loan, which will carry annual interest of Libor+2.0%, mature between 2019 and 2022 and be used to support San Antonio fab growth and ramp-up plans, including cross qualification activities to address the Company’s excess customer demand in its other worldwide fabs.
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