UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 8, 2010
ATMEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 0-19032 | 77-0051991 | ||
(State or other jurisdiction of | (Commission File Number) | (IRS Employer | ||
incorporation) | Identification No.) |
2325 Orchard Parkway
San Jose, CA 95131
(Address of principal executive offices, including zip code)
San Jose, CA 95131
(Address of principal executive offices, including zip code)
(408) 441-0311
(Registrants telephone number, including area code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.02. Termination of a Material Definitive Agreement
On December 8, 2010, Atmel Sarl (the Borrower) and Atmel Switzerland Sarl (Atmel Switzerland),
each a wholly-owned subsidiary of Atmel Corporation (the Company), and the Company, terminated
the facility agreement, dated March 15, 2006 (as amended, the Facility Agreement), among the
Borrower, as the borrower, Atmel Switzerland, as guarantor, the Company, as guarantor, the
financial institutions listed therein, as original lenders, and Bank of America, N.A., as facility
agent and security agent.
The Facility Agreement permitted the Borrower to borrow on a revolving basis up to the lesser of
$165 million (which was reduced to $125 million in November 2009), or 85% of its eligible
receivables less certain reserve amounts. As of September 30, 2010, $80 million was outstanding
under the Facility Agreement. All amounts outstanding under the Facility Agreement were repaid in
November 2010. The Facility Agreement was set to expire on March 15, 2011. The Company did not
pay any penalties as a result of the early termination.
Upon termination of the Facility Agreement, all guarantees, security, obligations and contingent
liabilities created under the Facility Agreement were discharged in full and all pledged assets
were returned to the Company and its subsidiaries, as applicable.
The material terms of the Facility Agreement are described in the Companys Current Report on Form
8-K filed on March 21, 2006 and in the Companys Annual Report on Form 10-K for the year ended
December 31, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Atmel Corporation |
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Date: December 13, 2010 | By: | /s/ Stephen Cumming | ||
Stephen Cumming | ||||
Vice President Finance and Chief Financial Officer | ||||